Napa Mortgage News

Cleaner energy source for Napa area....MCE....Mortgage Market News

January 10th, 2017 8:25 PM by Dale DiGennaro

New cleaner energy source!

Dear Gena,

On Wednesday morning at our weekly Kiwanis meeting...we had a representative from MCE come out and speak to us!

So I guess by now you know that Council members in Napa, American Canyon, Calistoga, St. Helena, and Yountville voted to join MCE to give all electric customers in Napa County the opportunity to purchase more renewable, competitively-priced electricity as an alternative to PG&E's energy supply. For more information, click here.

What is MCE?

MCE is a not-for-profit, public agency that partners with PG&E to provide electricity generated from more renewable, non-polluting sources. Formed by the public to buy cleaner power and invest in our local economies, MCE has served Bay Area electric customers since 2010 and unincorporated Napa County customers since February 2015.

MCE replaces PG&E's job of determining power sources, called electric generation. So instead of paying PG&E for both electric delivery and electric generation services, customers pay MCE for generation and PG&E for delivery.

Aside from cleaner energy sources, not much will change. You will continue to enjoy the same reliable electricity. PG&E will continue to deliver your power, maintain the wires, and provide your gas service. To learn more, visit MCE's FAQ page.

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

QUIET WEEK

With a speech from Fed Chair Yellen set for the end of the week and few surprises in the economic data, mortgage rates barely moved during the first four days of this week. On Friday, Yellen's speech caused some volatility , but also had little net impact. Mortgage rates ended the week slightly lower.

There were few surprises in Yellen's speech. She said that the solid performance of the economy means that "the case for an increase in the federal funds rate has strengthened in recent months." However, she provided no indication of the expected timing of the next rate hike. Of note, she said that bond purchase programs would remain a primary tool for the Fed to respond to economic weakness. As an example, she suggested that the Fed could purchase an additional $2 trillion in bonds in the event of a recession. As indicated by the futures market, investor expectations for the timing of the next Fed rate hike were little changed after her speech.

The housing data released this week revealed mixed results. In July, sales of previously owned homes dropped 3% from the multi-year high seen in June. This was the first monthly decline since February. According to the NAR, rising prices and a lack of inventory are holding back sales activity. By contrast, contracts signed for new homes jumped 12% in July to the highest level since October 2007, far exceeding expectations.

Looking ahead, the important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, the Core PCE price index will be released on Monday. Core PCE is the Fed's preferred inflation indicator. Pending Home Sales will come out on Wednesday. The ISM national manufacturing index will be released on Thursday.

More Summer Fun! Blues, Brews & BBQ was excellent yesterday! Great music & fun times with my son Travis and good friend Larry. Put it on the calendar for next year!

As another summer is coming to an end ...I am grateful for the good times & great friends I've made in my 30+ years here!

Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime with your questions. I will be happy to share with you whatever information you may need!