If you keep track of the ebb and flow of U.S. economic news, you might also be aware of how it relates to some things that happen here. Particularly in the way the Northern New Jersey’s mortgage rates have been responding to the ups and downs of announcements from Washington, the cause and effect relationship has settled into a fairly predictable tango. Last week was no exception, with a dip from afar leading to some more good news here.

The less-than-buoyant news from Washington came in the form of what CNBC called a “weak” Gross Domestic Product reading for the second quarter. That news caused a drop in mortgage interest rates, which triggered an increase in home purchase applications (now 13% higher than a year ago) and a 10% increase in refinance activity from the previous week. Any time our Ringwood, Wanaque, Pompton Lakes and Wayne’s mortgage interest rates fall, it of course it spells opportunity for both buyers and sellers here: the asking price for a home in Ringwood, Wanaque, Pompton Lakes and Wayne is one thing, but sooner or later, most prospective buyers get down to what the monthly cost of buying will be—and at current historically low interest rates, that number is often surprisingly affordable.

Why a drop in the U.S. GDP—which is certainly not a welcome news item—should result in good mortgage news in Ringwood, Wanaque, Pompton Lakes and Wayne is due to a mix of elements. The Wall Street Journal provided a few hints. After noting that recent data releases (retail sales stalled in July; wholesale prices fell) caused Treasury note yields to briefly hit their “second lowest level in history,” they concluded that such news “suggests September and perhaps December rate hikes are less than likely.” Readers were on their own, left to grapple with why that should be. If previous history is a guide, they probably remembered that the Federal Reserve is afraid of weakening the economy by closing the taps on borrowing—which is what results from rate raises. Looked at another way (as economists always do), strong economic news spurs activity and borrowing, so lenders expect that higher rates won’t discourage loan applicants. When the opposite happens, only temptingly lower rates keep the borrowing cycle going.

Passaic County rate-watchers didn’t have to wade through the WSJ financial analyses, though. Passaic County Twitter addicts were invited to follow along as well. It turns out that the Mortgage Bankers Association tweets all the time. By late Friday, they were welcoming the weekend with such TGIF mortgage tidbits as, “average interest rate for 30-year fixed-rate mortgage drops to 3.65%.”

The bad news wasn’t really terrible; in fact, it was moderated by some healthier employment statistics. All in all, though, the effect of the rock-bottom mortgage interest rate news gives Northern New Jersey buyers and sellers a strong reason for optimism—as well as an excellent reason to give me a call!

Visit My Website www.OnlyOrly.com or Email me at Orly@OnlyOrly.com!

If you happened upon the Weather Channel’s site last week and were greeted with headlines like, “Massive Heat Dome Inbound” and “Excessive Heat in the East and West,” it could have let you feel better about our Northern New Jersey’s own weather. After all, what do you expect from August in Ringwood, Wanaque, Pompton Lakes and Wayne? At least we weren’t under a massive heat dome… (or were we)?

The fact is, no matter how uncomfortable the warmup was here, the Weather Channel reported that “Russia and the Southern Ocean” reportedly had the worst of it. In Russia, fires were said to have broken out because of the heat spell. An anthrax outbreak was blamed on it. Since the “Southern Ocean” isn’t a country, it complained less than Russia. And with no anthrax at all, we here in Ringwood, Wanaque, Pompton Lakes and Wayne should probably count our blessings.

When it comes to holding open houses in this Northern New Jersey, though, weather is always an issue. In the winter, really bad weather can derail open houses altogether: cascading re-scheduling has been known to result.

Summer open houses are generally less risky, scheduling-wise…but when true heat waves send those massive heat domes our way, even uncomfortably warm weather can be countered via a few simple countermeasures. Four common suggestions for creating happier open house visitors:

1.Move the air. Whether your home has central air conditioning, strategically-placed window units or splits, a swamp cooling setup or dehumidifiers, the comfort factor advances when inside air is on the move. Fan power settings should be set to minimize noise while assuring that the atmosphere isn’t stuck in one place.

2.Adjust the shades. This is a rare circumstance when you can abandon the open house commonplace that advises maximizing sunlight. If it’s a hot afternoon, pull the shades lest the sun-facing windows magnify the blast furnace effect.

3.Put out chilly refreshments. Let’s face it: those whose open houses happen to fall on 90+ temperature days could probably turn a nice profit if they let Junior run a lemonade stand out front. Even if Junior isn’t around, pitchers of ice water in the kitchen are a minimum. Instead of the standard chocolate chip cookies, consider putting out a tray of chilled watermelon cubes, or ice-cooled grape clusters. And if the neighbor’s kids have a lemonade stand going down the street, consider bribing them to move it onto your lawn (when a ‘free lemonade’ sign is added, open house success is in the bag)!

4.For Ringwood, Wanaque, Pompton Lakes and Wayne open houses with swimming pools—make the most of it! Short of inviting your visitors to jump right in, you can capitalize on what makes a pool such an asset. Consider setting your listing literature out there on the table beneath the welcoming poolside umbrella, with a few chairs inviting a sit-down. The prospects will be grateful for the breather…and won’t be able to help drinking in the poolside ambiance is at its best!

We’re still in the summer selling season—which has been “hot” in more ways than one. Open houses can definitely do well in Ringwood, Wanaque, Pompton Lakes and Wayne, with a little creativity. For instance, there was the time And it’s definitely still a great time of year to give me a call! www.OnlyOrly.com or Email me at Orly@OnlyOrly.com for your Real Estate Needs!