Elon Musk has discovered a new passion in life — and it could be Tesla’s best product yet

Mortgage rates declined for the fourth week in a row, falling to their lowest levels of the year.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.08 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.1 percent a week ago and 3.58 percent a year ago.

The 15-year fixed-rate average slid to 3.34 percent with an average 0.5 point. It was 3.36 percent a week ago and 2.86 percent a year ago. The five-year adjustable-rate average inched down to 3.18 percent with an average 0.4 point. It was 3.19 percent a week ago and 2.84 percent a year ago.

“Mortgage rates dropped over the course of last week as global tensions increased surrounding events in the Middle East and the Korean peninsula,” said Michael Fratantoni, chief economist at the Mortgage Bankers Association.

Investors have plenty to be concerned about, starting with Syria and North Korea’s weapons testing. Throw in the French election and tensions with Russia — not to mention President Trump telling the Wall Street Journal that the dollar is too strong — and there is plenty to make them edgy.

Whenever investors are faced with uncertainty in the market, they move toward safe assets such as government bonds. Mortgage rates tend to follow the same path as long-term bond yields. When yields are down, home loan rates are usually lower. Since Friday, the yield on the 10-year Treasury has been falling. It dipped to 2.3 percent Wednesday, the lowest it has been since mid-November.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than half of the experts it surveyed say rates will remain relatively stable in the coming week, moving less than two basis points — a basis point is 0.01 percentage point — up or down. About a third of them expect rates to fall. Jim Sahnger, mortgage planner at Schaffer Mortgage, is one who predicts rates will hold steady.

“Rates dropped on concerns about political uncertainty and a poor employment report,” Sahnger said. “Look for things to continue where we are over the next week.”

Meanwhile, mortgage applications were up slightly last week, according to the latest data from the Mortgage Bankers Association. The market composite index — a measure of total loan application volume — increased 1.5 percent. The refinance index was unchanged, while the purchase index rose 3 percent.

The refinance share of mortgage activity accounted for 41.6 percent of all applications, its lowest level since September 2008.

“The spring housing market is off to a solid start, with conventional purchase applications reaching their highest level on a seasonally adjusted basis since October 2015,” Fratantoni said.

Source: Washington Post dot com by Kathy Orton

NEW LISTING! (SOLD!)

1Bed-1Bath-558 Sq. Ft.

Priced at $245,000

Lovely ground floor unit (no stairs!) located in quaint, beautifully landscaped complex with 1 car enclosed garage! Spacious living area features crown molding, dual pane windows, ceiling fan and more! Kitchen boasts granite countertops, maple cabinets, designer tile flooring and all appliances! Large bedroom has walk in closet, ceiling fan and dual pane slider that leads to private, enclosed patio! Free laundry facilities right outside unit, close to freeways, trendy north park shops, eateries & more!

**New Rental Listing** (LEASED!)

2Bedroom-2Bathroom-898 sq. ft.

Priced at $1,995 per month!

Lovely Mission Valley condo with plenty of upgrades! Dual master bedrooms each with their own recently upgraded full bath, remodeled kitchen, laminate flooring throughout, fresh paint, large balcony and much more! Central location is close to shopping, dining, freeways and trolley! Complex features a spacious laundry facility, elevator, pool, spa, tennis courts and clubhouse to host parties! One assigned parking space and one decal for extra parking! Don’t miss this one!

The housing market remains strong this fall, and it’s poised to remain that way for the rest of the year, notes Jonathan Smoke, realtor.com®’s chief economist. Still, the economy and housing inventory woes may present some challenges in the months ahead.

Total home sales for this year through September have increased 4 percent compared to the same time period in 2015. Existing-home sales are up 3 percent, and new-home sales have surged 13 percent.

“The new-home market is gaining momentum as the existing-home market struggles with very low levels of inventory,” Smoke says. “As a result, new homes represent 10 percent of home sales now; a year ago, they represented only 8 percent.”

Persistent tight supply of housing in many markets has led to stronger-than-normal price appreciation, Smoke notes. Existing-home prices rose a median of 6 percent over last year in September.

“The housing market outperformed the U.S. economy in the first half of the year, as growth in sales and prices was stronger than the growth in GDP,” Smoke writes. “Housing outperformed because of ample demand from buyers who haven’t yet been successful — buyers who just happen to be from the two largest generations in American history.”

Millennials and baby boomers are reaching turning points in their lives. Millennials are getting married and starting families while baby boomers are looking toward retirement. Older millennials – aged 25 to 34 – are representing the largest buying age demographic in the housing market currently, according to the National Association of REALTORS®’ 2016 Profile of Home Buyers and Sellers report.

“A stronger consumer outlook on top of historically high numbers of people turning 30 as well as 65 will provide the support for continued gains in the months ahead,” Smoke says. “The key challenges will be continuing low levels of available homes for sale combined with navigating marginally higher mortgage rates.”

Source: Jonathan Smoke, Realtor.com

NEW LISTING! (SOLD!)

4Bed-2.5Bath-1,947 sq. ft.

Priced at $459,900

Gorgeous, move in ready home in private and serene Country Estates situated on large, usable lot! Two decks allow you to enjoy expansive mountain views off master bedroom and living area! Home features vaulted ceilings, plantation shutters, ceiling fans, central AC/heat, custom fireplace, tile flooring and much more! Spacious master on entry level with en-suite bath, walk-in closet! Large backyard is perfect for entertaining and boasts plenty of room for horses, pool, play area, sports court, you decide!

San Diego Country Estates is a great place to live! Enjoy all the amenities including an 18-hole championship golf course, an international equestrian center, a western equestrian center, a clubhouse with restaurant/bar, junior Olympic size heated year round swimming pool, four lighted tennis courts, 28 room guest lodge, and an oak shaded park with swimming pool and family picnic facilities!