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A second rare “doomsday fish” has been spotted on a Southern California beach
A so-called “doomsday fish” has washed up on a Southern California beach — typically an extremely rare occurrence, but this is the second time this year it has happened. The rare oarfish found on Grandview Beach in Encinitas measured roughly 9 to 10 feet and was spotted by a doctoral candidate at Scripps Institute of Oceanography, the school wrote on social media.
The doomsday fish got its name because it looks like a mythical sea creature, with a long, ribbon-shaped body that can grow up to 30 feet, according to Ocean Conservancy.
After doctoral candidate Alison Laferriere found the odd-looking fish — which resembles a larger-than-normal eel with a monstrous face — Ben Frable, manager of the Scripps Oceanography Marine Vertebrate Collection, contacted the NOAA Fisheries Service team to bring the animal to its Southwest Fisheries Science Center.
This oarfish is smaller than the one found in La Jolla in August 2024. Researchers are not yet sure why the rare fish has washed up on California beaches recently, and there have been few studies on the species.
Only 20 oarfish have washed up in California since 1901, according to the Scripps Institute. And these deep-sea dwellers usually only come ashore when they are sick, dying or disoriented, Ocean Conservatory says.
Scripps Institution of Oceanography
“It may have to do with changes in ocean conditions and increased numbers of oarfish off our coast,” Frable said, according to the institute’s social media post. “Many researchers have suggested this as to why deep-water fish strand on beaches. Sometimes it may be linked to broader shifts such as the El Niño and La Niña cycle but this is not always the case. There was a weak El Niño earlier this year. This wash-up coincided with the recent red tide and Santa Ana winds last week but many variables could lead to these strandings.”
The researchers at Scripps took samples and froze the specimen to further study the oarfish and its biology, anatomy, geonomics and history, according to Frable.
In a comment on the post, the institute cleared up a myth surrounding doomsday fish. “There have been many questions and comments about the connection between oarfish and earthquakes,” the comment states. “While oarfish have a mythical reputation as predictors of natural disasters and earthquakes, experts have debunked this as folklore. A 2019 study found no correlation between oarfish or ribbonfish strandings and earthquakes in Japan.”
The aforementioned study, published in the Bulletin of the Seismological Society of America, looked at reports of oarfish and slender ribbonfish in Japanese newspapers. Japanese folklore says the appearance of these fish means an earthquake is coming, but the researchers found there was hardly a relationship between these fish and the occurrence of earthquakes and that newspapers likely reported the fish sightings “because rare appearances might attract readers,” according to the study.
Oarfish typically live in the mesopelagic zone — the area of the ocean least explored by scientists. They float vertically through waters 3,280 feet deep, where there is little light. Their silvery, reflective bodies help them blend in if they do hit patches of light, according to the conservatory.
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Homeowners looking to access a large sum of money in today’s economic climate don’t have to look too far to find it. By turning to their accumulated home equity, owners can potentially finance a major expense (or multiple major expenses) simply by using the money they already have via their home’s value.
While there are multiple ways to do this, many may be considering a traditional mortgage refinance or cash-out refinance. But in today’s unique and constantly changing interest rate climate, that could prove to be a costly mistake. Instead, right now, both home equity loans and home equity lines of credit (HELOCs) are arguably better than refinancing. Below, we’ll explain why.
Start by seeing what home equity loan interest rate you could qualify for here.
Why home equity loans are better than refinancing right now
Here are three reasons why a home equity loan may be more beneficial than a refinance now:
You’ll maintain your existing mortgage rate
The average home equity loan interest rate is 8.41% as of November 19, 2024, but the average mortgage refinance rate for a 30-year loan is 6.93%. So, on the surface, it appears that refinancing is cheaper. But that refinance rate will require you to exchange your current mortgage rate to get the new one.
That could be a costly mistake if you have a rate under 6.93%, as millions of Americans do right now. By applying for a home equity loan, however, you’ll still gain access to your equity, but you won’t need to bump your mortgage rate to get it. And if home equity loan rates drop in the future, as they have for most of 2024, you can simply refinance your loan to the better rate then.
Get started with a home equity loan online today.
You may qualify for a tax deduction
When you use a cash-out refinance, you apply for a loan larger than what you currently owe to your lender. You then use the former to pay off the latter and keep the difference as cash for yourself. Interest paid on mortgage loans is tax-deductible, but so is the interest on home equity loans if used for qualifying purposes. At that higher interest rate, you may qualify for a larger deduction (while still maintaining your current lower mortgage rate).
The average home equity amount is high right now
A combination of low mortgage interest rates during the pandemic, a drop in available inventory and a hesitation to sell now that rates are high again (amid other complex but interrelated factors) has caused the average home equity amount to soar to just under $330,000 right now. If you want to access that with a refinance, as noted, you’ll need to give up your current mortgage rate to do so. And if you want to access it via a credit card or personal loan, the restrictions will be significant. It makes sense, then, to take advantage by using a home equity loan or HELOC instead of taking a gamble with a refinance right now.
The bottom line
With mortgage refinance rates elevated, the unique feature of a potential tax deduction tied to home equity borrowing and a six-figure average equity sum available now, for many homeowners in need of financing it makes sense to skip a refinance for a home equity loan now. That said, this type of financing is tied to your most important financial asset so the decision to withdraw it from it should be carefully weighed against the risks. Consider speaking to a financial advisor or home equity lender who can answer any questions you may have before getting started.
Speak to a home equity loan lender now.
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