B4 • Friday, June 18, 2021
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THE GARDEN ISLAND
Refresh spaces to welcome guests BRANDPOINT
US average mortgage rates mostly lower; 30-year at 2.93% ASSOCIATED PRESS WASHINGTON — Mortgage rates were mostly lower this week as the economy continued to show signs of recovery from the pandemic recession and recent bursts of inflation were deemed temporary by federal policymakers. Mortgage buyer Freddie Mac reported Thursday that the average for the key 30-year home loan fell to 2.93% from 2.96% last week. By contrast, the rate stood at 3.13% a year ago. The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, edged up to 2.24% from 2.23% last week. The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest rate policies that have helped spark a swift rebound from the recession but also have coincided with rising inflation. Fed Chairman Jay Powell said the inflation spikes of the past two months will likely prove temporary. In the latest economic news, the government reported Thursday that the number of Americans seeking unemployment benefits rose last week for the first time since April, to 412,000.
Home construction up a moderate 3.6% ASSOCIATED PRESS WASHINGTON — U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported Wednesday. Applications for building permits, looked to for indications of activity ahead, fell 3% in May to a seasonally adjusted annual rate of 1.68 million units. Housing has been one of the standout performers during the pandemic-triggered recession. But many economists believe that the surge in home building and sales over the past year may begin to slow, especially for single-family homes. “We expect starts to mostly move sideways over the balance of 2021,” said Nancy Vanden Houten, lead economist for Oxford Economics. “Strong demand, a need for inventory and homebuilder optimism will keep a floor under activity, but builders continue to face supply constraints that may hamper or at least postpone construction.” Builders are getting one break. Lumber prices, which surged to record levels this year, have started to come down, suggesting that a speculative bubble that had developed in lumber prices is beginning to deflate. Rising material prices and supply chain shortages were blamed for a drop in builder confidence this month The National Association of Home Builders/Wells Fargo survey reported this week that builder confidence had declined two points to 81 in June, still a high level. Building activity has been on a rollercoaster this year. The 3.6% overall gain in construction starts in May followed a 12.1% plunge in April, which followed a 19.2% surge in March that pushed housing starts to an annual rate of 1.73 million units, the fastest pace since the housing boom of the mid-2000s.
Virtual birthday parties. Online family game nights. Digital dinners with friends. You’ve done your part to stay connected yet socially distanced, however, as restrictions lift across the country, you’re eager to host friends and family in your home again. “The problem is after over a year of working, studying and playing at home, many people’s houses are looking a bit drab,” says Jennifer Meska, Director of Merchandising & Design at LL Flooring. “If you want to refresh spaces for future entertaining, start with the floor and work your way up to add both fashion and function to your home.” Meska shares some top DIY projects that can be completed in as little as a weekend so you’re ready to welcome back guests: Update flooring When you think about visual real estate in a home, the flooring truly is the foundation of the aesthetic. Consider updating the flooring with modern options that add style, but are also durable enough to handle guests and everyday demands. A good option is Rigid Vinyl Plank (RVP) that provides the look of hardwood but is waterproof and scratch-resistant. Lake Geneva Oak CoreLuxe RVP is a good option, with its innovative rigid core that clicks together with ease for a simple DIY project. CoreLuxe stands up to heavy traffic, busy families and plentiful entertaining, making it ideal for bathrooms, kitchens and living rooms. “These floors deliver quality, beauty, waterproof functionality and are easy to install,” says
Meska. “What’s great about these floors is they work well in any room.”
add a pattern on an accent wall. Another way to create a noteworthy accent wall is to design a gallery wall with a collection of Rethink furniture treasured items hung in a group. Once the floor is updated, think Framed photography is common about how you currently use your for creating gallery walls and furniture and how it might best serves as a wonderful conversaserve you when entertaining. Contion starter when guests arrive. In addition to photographs, you can sider rearranging furniture to add other framed items such as tybreathe fresh life into a space and Create a statement wall encourage guests to mingle compography, children’s artwork, Once you decide on an arrange- travel keepsakes, mirrors and fortably. Prioritize grouping furniture to facilitate conversation and ment of furniture, try transforming more. “Now is the ideal time to preinteraction while keeping common a focal wall to give the space an eltraffic areas open for ease of evated interior design. One easy pare for the revival of entertaining movement. way to do this is to paint one wall at home,” says Meska. “Start with In addition to rearranging furni- different than the others in an ac- the floor, think beyond the conture, now is the time to address cent color, like a blue or yellow. ventional, and make updates that functionality of pieces and swap in DIY-friendly peel-and-stick wallpa- you’ll enjoy whether you’re hostmultiuse options when appropriper is growing in popularity and is ing guests or spending time at another fun option if you want to home with family.” ate. For example, an ottoman is great for kicking up your feet or as additional seating for guests, especially young children. Select an ottoman designed with a top that opens, providing storage space for blankets, toys or other clutter. You can even add a serving tray to the top when closed and you have a coffee table or small buffet space for snacks.
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