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Wind-driven Corral Fire burns 12,500 acres; fire crews grow containment to 15%
TRACY — Neighborhoods southwest of Tracy were ordered to evacuate because of the wind-whipped Corral Fire that had explosive growth Saturday, closing part of Interstate Highway 580.
By Sunday morning, Cal Fire said the Corral Fire had grown to 12,500 acres and was 15% contained. Strong winds were still an issue, according to Cal Fire, along with dry grass in the area.
Residents east of Highway 580 between Corral Hollow Road and South Tracy Boulevard were the first ones told to leave by the San Joaquin County Office of Emergency Services. More evacuation information is available at sjready.org.
A temporary evacuation point was established at at Larch Clover Community Center located at 11157 W Larch Rd, Tracy, CA 95304.
Zach Matthai
The Corral fire that began east of Lawrence Livermore National Laboratory’s Site 300 closed Interstate 580 from Corral Hollow Road to Interstate 5 in both directions, Caltrans said on social media.
Two Alameda County firefighters were taken to local hospitals for treatment of minor to moderate burns, said Cheryl Hurd, a spokesperson for the department.
Winds in the hills west of Tracy were 20 to 25 mph, gusting to 43 mph, said Dylan Flynn, a meteorologist with the National Weather Service. The wind was expected to remain elevated until after midnight, he said.
The blaze, first reported at 2:39 p.m., was about 30 acres by 4:45 p.m. It jumped to 4,920 acres, with 10% contained, as of 7:35 p.m., Cal Fire said on its website.
The cause of the fire wasn’t immediately known, Hurd said.
Site 300, located 15 miles east of Lawrence Livermore’s main site, is home to facilities that support development of explosive materials as well as hydrodynamic testing and diagnostics, according to the laboratory’s website.
Cal Fire Photo
The facility assesses the operation of non-nuclear weapon components through hydrodynamic testing and tests new conventional explosives for use as part of the nuclear stockpile, the laboratory said.
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When it comes to borrowing from your home equity, you have a variety of options to choose from.
From reverse mortgages for seniors to cash-out refinancing to home equity loans, there are multiple ways to tap into your equity now. But only one — home equity lines of credit (HELOCs) — allows you to take advantage of a cooling rate climate. That’s because rates on these products are variable and positioned to change monthly depending on what’s occurring in the broader economy. And with multiple rate cuts issued this year and another likely for the Federal Reserve’s final 2024 meeting, many borrowers may understandably be turning to this option now.
Still, there are some important caveats to keep in mind right now, especially when borrowing from a critical asset like your home. This extends to knowing the truth about some misleading concepts. Below, we’ll break down three timely HELOC myths homeowners considering should be aware of now.
Start by seeing what HELOC interest rate you’d qualify for here.
3 timely HELOC myths homeowners should know now
Not sure if now is the right time to secure a HELOC? These common but timely myths can help answer that question:
The rate will continue to fall
This isn’t a total myth but it’s not completely factual either. No one knows for sure if HELOC interest rates will continue to decline — as they’ve done all year — or if they’ll be static or even rise. Inflation, after all, just rose in October. Additional increases there will almost assuredly cause interest rates to tick up again.
But even if the rate does continue to fall, it doesn’t mean that borrowers should delay acting. HELOC rates adjust independently each month. So if rates fall in December or January, for example, borrowers will automatically be positioned to take advantage. If they rise, though, it could become expensive. It’s worth weighing these scenarios then, with the understanding that rates may or may not continue to fall.
Explore your current HELOC options online today.
Home values will continue to rise
The average amount of home equity is high right now — just under $330,000. And home prices are continuing to rise in many parts of the country, meaning that you may have more home equity to work with in the future if you delay acting. But the key word there is “may.”
While not precisely a myth, it’s misleading to assume that home values will continue to rise. And even if they do, they’re unlikely to grow so dramatically that it will have been worth applying for the financing you already need. Any number of factors could cause home values to drop. So account for this real possibility to best determine your next course of action.
Applying now will secure a tax deduction
Interest paid on HELOCs is tax-deductible if used for qualifying home repairs and projects. But applying now, in the waning weeks of 2024, is only the first step. If you want to deduct the interest you paid on the line of credit when you file your return in the spring, then you will need to apply — and use the HELOC — sometime between now and January 1, 2025. If you don’t and decide to use it for qualifying purposes in 2025, you’ll still you’ll need to wait until you file your next return in 2026 to benefit. Time your usage, then, accordingly.
The bottom line
The right time to open a HELOC could be now for many homeowners. Others, however, may benefit by waiting. By understanding the above myths, each type of borrower can better determine when to act. It’s critical, however, to weigh all home equity borrowing options carefully as your home serves as collateral when you borrow from it, inherently risking your homeownership if you fail to repay all that you’ve withdrawn.
Learn more about your current HELOC options here.
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