As we launch another new year, we also focus on new home design trends that will be revealed in coming months. Here are a few examples of trends to look for.
Zillow announced the top home design trends for 2016. Art deco-inspired patterns, wool rugs and encaustic tiles are among some of the biggest design trends for 2016, according to the latest Zillow Home Trend Forecast, a report that combines data from a survey of interior design experts.
“Say goodbye to mason jars and chalkboard paint, as the overdone ‘farmhouse chic’ is finally headed out of style,” says Kerrie Kelly, Zillow home design expert. “2016 will bring a fresh modern vibe that beautifully mixes simplicity with bold accents reminiscent of the roaring 20s. Watch for an increase in natural colors and textures contrasted by retro art deco statement pieces.”
Here are a couple of the top home design trends for 2016:
*Art deco-inspired patterns and shapes: Art deco will make a bold new comeback in 2016, but with a few modern improvements. Look for the style’s trademark geometric patterns and honeycomb shapes to weave their way into anything from wallpaper to artwork, adding elegance and dimension to any space. “Experts also predict gold statement lighting fixtures to rise in popularity, especially in kitchens and dining rooms,” according to the report.
*Nubby wool rugs: “Nubby wool or other natural fibers will be the go-to texture for 2016, especially for area rugs. Its neutral hues create the perfect indoor/outdoor vibe while softening bolder colors or dramatic statement pieces.”
Q: Are mortgage interest rates rising?
A: As predicted, those rates are on the rise. In fact, they are now above the 4 percent level.
Freddie Mac released the results of its Primary Mortgage Market Survey, showing fixed mortgage rates moving higher with the 30-year fixed-rate mortgage breaking above 4 percent for the first time in five months.
“The 30-year fixed-rate mortgage averaged 4.01 percent with an average 0.6 point for the week ending Dec. 31, 2015, up from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
“The15-year FRM this week averaged 3.24 percent with an average 0.6 point, up from 3.22 percent last week. A year ago at this time, the 15-year FRM averaged 3.15 percent. ”
Q: Are mortgage applications still rising?
A: Not at the most recent report. Mortgage applications decreased 27 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released on Jan. 6.
“The Market Composite Index, a measure of mortgage loan application volume, decreased 27 percent on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the Index decreased 50 percent compared with two weeks ago.
“The Refinance Index decreased 37 percent from two weeks ago. The seasonally adjusted Purchase Index decreased 15 percent from two weeks earlier. The unadjusted Purchase Index decreased 40 percent compared with two weeks ago and was 22 percent higher than the same week one year ago.”
Q: How long does it now take to close on a mortgage loan?
A: The average time to close on a mortgage is 49 days, the longest timeline since February 2013, according to Ellie Mae’s latest Origination Insight Report. Conventional and FHA loans each averaged 49 days while VA loans averaged 50 days.
Q: Are commercial mortgages expected to increase this year?
A: Yes, according to the Mortgage Bankers Association. “Commercial and multifamily mortgage lending is expected to increase in 2016, as lenders’ and borrowers’ appetites for new loans remain strong.
“A full 90 percent of the top firms expect originations to increase in 2016, with 50 percent expecting an increase of 5 percent or more, and almost two-thirds (61 percent) expecting their own firm’s originations to increase by 5 percent or more.”
WOODARD has been writing about real estate news and trends since 1971 and is the resident storyteller at the Ronald Reagan Presidential Library in Simi Valley, Calif.