Page 4 Friday, January 15, 2021
THE GARDEN ISLAND
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FUN AND FUNCTION
5 upgrades to your garage
you’ll want more than that for your new, useful space. Try an industrial-style light fixture or customizable, sleek track lighting to make the room feel more inviting to friends for casual hang-outs. Plus, it’ll be easier to see when you’re working on projects.
BRANDPOINT
Mortgage rates poised to rise as U.S. Treasury yields surge ASSOCIATED PRESS LOS ANGELES — The long period of record-low rates on home loans could soon be over. Long-term bond yields, which can influence interest rates on mortgages and other consumer loans, are climbing this month amid expectations of higher U.S. government spending on pandemic relief and an economy recovery as more people get vaccinated for COVID-19. The yield on the 10-year Treasury briefly hit 1.18% earlier this week. That’s up from less than 0.90% at the start of the year and the highest since last March. Yields rise when bond prices fall. Economists forecast further modest mortgage rate rises this year. While that’s unlikely to derail the red-hot housing market, it could make it tougher for would-be homebuyers. “As bright as the prospects are for the economy after vaccines have reached critical mass, there are still a lot of economic sore spots that we have to work through between now and then,” said Greg McBride, chief financial analyst at Bankrate. “It’s still going to be a very low-rate environment, even for long-term rates like mortgages.” Home loan rates tend to track moves in the 10-year Treasury yield. Damage from the coronavirus pandemic on the U.S. and global economies fueled demand for U.S. bonds, pushing their yields lower. As a result, home loan rates also fell through most of 2020. The average rate on the benchmark 30-year fixed-rate home loan rose to 2.79% this week from a record low of 2.65% last week, according to mortgage buyer Freddie Mac. The rate stood at 3.65% a year ago. It’s now at the highest level since mid-November. McBride forecasts that the average rate on a 30-year mortgage will rise to 3.1% by the end of the year. That’s in line with the National Association of Realtors’ outlook and close to the 3.2% forecast from the Mortgage Bankers Association. Record-low mortgage lending rates helped fuel a housing boom last summer after a brief slowdown in the spring due to the coronavirus lockdowns. As of November, sales of previously occupied U.S. homes were nearly 26% higher than a year earlier, according to NAR. The red-hot housing market has left the number of available properties for sale at record lows, which has contributed to a sharp increase in home prices. In November, the U.S. median home price was $310,800, up nearly 15% from a year earlier, according to NAR. Mortgage rates have a ways to go before climbing back to where they were even a year ago. That means homeowners may still be able to benefit from refinancing at a lower rate. Of course, rising mortgage rates diminish homebuyers’ buying power, especially as home prices continue to rise. “This rapid uptick has likely unnerved many home shoppers, particularly those at the financial margin, who currently face a hotly competitive market in which prices are rising at their fastest pace in decades,” said Matthew Speakman, an economist at Zillow.
Now is the perfect time to create more living space in your home. Whether you need a place to take a break from daily stressors, get some work done or host friends and family, look no further than your own garage. For many, the garage is simply a place to park the car, store tools and bikes, and hide old toys or off-season items that have no other place to go. But with a few easy upgrades, you can turn the garage into a productive, fun-filled place. Here are five tips to get you started. Clean and organize The first step is to look at the current state of your garage. To make the best of your space, you’ll need to start with a blank canvas. Do a deep clean, take stock of your tools and consider new ways to store and organize them. Building custom shelves to get your equipment up off the floor will not only give you a new project to take on, but it will help clear the way for a place where you can be productive and get jobs done. One key item to have in your upgraded garage shop is a Portable Electric Air Compressor, which can be used for power nailers, sanders, paint spray guns and much more - plus, at less powerful settings, it can be used to quickly blow away dust and debris.
the extra step to ensure the walls and ceilings are insulated correctly. For extra warmth, use a workshop heater like the Mr. Heater Big Maxx Garage Heater from Northern Tool + Equipment. Heat it up A heater this size can easily warm Creating a year-round garage to up a two- or three-car garage, alenjoy will mean you’ll have to take lowing you to work and play com-
Bring on the entertainment To get the most out of your new garage, make sure it is all about entertainment. Think about how you’ll be using the space. The garage is a great place to hang a TV for football Sundays and video games. Adding extra speakers can provide a complete experience, whether it’s watching the game or listening to music while you work on your latest project. If you plan to host regular game nights, fill the room with a poker or pingpong table that can be easily folded up when not in use.
fortably in your space no matter the outside temperature. Let in the light Switching up the lighting is an easy and inexpensive way to update your garage. Most garages have just one or two light bulbs hanging from the ceiling, but
Get comfortable One of the most important parts of your new garage space is seating. Whether you go with recliners, a sofa, stools or a combination of all three, look for furniture that fits your space. Find pieces that let you get comfortable, can stand being outdoors and are versatile. Leather is a classic material plus it’s easy to clean and maintain. For another way to add comfort - and more entertainment possibilities - set up a side bar with a refrigerator to keep cool drinks and snacks at hand. With these ideas as your playbook, you’re ready to achieve garage greatness.
Is now the right time to refinance your mortgage? Consolidate your debt with a lower payment. You can get some of the lowest rates in the state, plus your money stays on Kaua‘i.
Visit us online at www.kgefcu.org to learn more. Anyone can be eligible for membership with KGEFCU