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Legendary entertainer Pat Boone romanced audiences in a sold-out Valentine’s Day show at the Laguna Woods Village Performing Arts Center on Wednesday evening. Along with many of his Top-40 hits from the ’50s and ’60s, Boone performed songs from his most recent album, “Legacy,” and tunes from his 1997 album “In a Metal Mood,” in which he covers heavy metal songs including Deep Purple’s “Smoke on the Water.”

What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.

Rate news summary

From Freddie Mac’s weekly survey: The 30-year fixed averaged 4.38 percent, up 6 basis points to the highest rate in almost four years. The last time the 30-year fixed was higher was in April 2014. Last week’s rate was 4.32 percent.

The 15-year fixed averaged 3.84 percent, 7 basis points higher than last week’s 3.77 percent and the highest 15-year rate since May 2011.

The Mortgage Bankers Association reported a 4.1 percent decrease in loan application volume from the previous week.

Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 4.15 percent and payment of $2,203 was $61 less than this week’s payment of $2,264.

What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages at one point cost: A 15-year at 3.625 percent, a 30-year at 4.125 percent, a 15-year agency high-balance ($453,101 to $679,650) at 3.75 percent, a 30-year agency high-balance at 4.375 percent, a 15-year jumbo (over $679,650) at 4.25 percent and a 30-year jumbo at 4.375 percent.

What I think: I get to share with you what I learned earlier this week attending the Mortgage Bankers Multifamily Housing Convention in San Diego.

Pick your poison. Financing is available for everything from apartment purchasing, refinancing, rehabilitation, construction, senior living, student housing complexes, mobile home parks and even commercial-residential mixed-use investing.

Multi-housing or commercial loans are defined as five or more units. Residential lending is defined as one to four units.

Done right, investing in apartments can earn you more real dollars than investing in single-family homes.

There is an economy of scale when revenue is coming in from many tenants to cover one commercial mortgage. If one tenant in a building moves out and you lose rent for that period, you still have the other tenants covering. If a tenant moves out of your single-family rental, you are burdened with covering the entire payment until you get a new tenant in there.

Let’s talk rents.

When the rental market first seemed to stabilize in 2010, landlords were asking $1,579 for a two-bedroom Orange County apartment, according to Joshua Ohl, senior market analyst at CoStar Group.

Fast forward to the current market, landlords are asking $2,117 for that same two-bedroom unit. In less than 8 years, rents climbed a staggering 34 percent based on CoStar’s figures.

“Current effective rates (with concessions) come in at $2,094,” said Ohl.

Twenty-five percent was the smallest down payment financing I could find as I walked through the exhibitors hall. One particular investor largely ignores traditional cash-flow requirements (which most lenders use to calculate the minimum down payment), usually called debt service coverage.

Having paid for college housing for two of my kids and paying for kid number three now, I was most fascinated with financing facilities for student housing.

These can be apartments, frat houses and even large homes sliced up to accommodate individual tenants. Tenants pay a room premium (which means investors might make a higher profit), but it’s still cheaper than renting an individual apartment.

Honorable mention goes to Freddie Mac as it re-enters the low-income housing tax credit, or LIHTC, market. Designed to make rents more affordable, particularly for those earning 80 percent or less of area median incomes, Freddie will provide up to $500 million in tax credits.

The LIHTC program infuses cash equity into low-income housing properties, reducing the debt burden for the development of new properties or rehabilitation of existing properties.

The benefit to the tenant restricted rent charges. For example, based on 2016 U.S. Census data, Orange County rent was $1,608 (census figures tend to be lower than CoStar shows for rents). The projected restricted rent would come in at $1,069 or 50 percent lower, according to Freddie Mac spokesman Chris Spina.

A note of caution. Some folks at the convention candidly told me rent control – currently ought in a number of California cities – could be devastating for apartment investors.

Jeff Lazerson can be reached at (949) 334-2424 or jlazerson@mortgagegrader.com His website is at www.mortgagegrader.com.

ARTS CONNECTION: The Knight Foundation today launched an open call for new ideas that answer the question: How can cultural institutions use technology to connect people to the arts? The Knight Prototype Fund is offering a share of $1 million for  early-stage ideas that help organizations such as galleries, museums, performing arts centers, theaters and art organizations attract and connect with audiences in innovative ways.
Winners will receive up to $50,000, with a total of $1 million available. Support will come with training in innovation methods and opportunities to learn from others in the group.
“The arts inspire us, challenge us, bring wonder to our lives and ultimately connect us to each other and the cities where we live. To continue in this important role, they have to embrace new ideas and keep pace with the way people live today,” said Victoria Rogers, Knight Foundations’ vice president for arts.
“Technology presents an opportunity for cultural institutions to not only engage people around the arts, but also take risks, adapt new approaches and share what they’ve learned. Through this open call we invite creators of all kinds to take on the challenge,” said Chris Barr, director of art at Knight Foundation.
The open call invites submissions

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MUTUAL SUPPORT: With Paris Fashion Week around the corner, trade show organizer Première Vision on Wednesday revealed a partnership with the Fédération de la Haute Couture et de la Mode. The overall aim of the “mutual support agreement,” it said, is to reinforce Paris’ status as the capital of fashion.
Concretely, young designers who are showcased in a new space dedicated to young talent on the Chambre Syndicale’s web site, as well as in the Designer’s Apartment showroom during the city’s fashion weeks, will get access to the Première Vision shows and resources, as well as mentoring.
Meanwhile, Pascal Morand, the federation’s executive president, will act as a consultant to the fair on one of his specialty subjects: fashion tech. Already this week, during the latest Paris edition of Première Vision, which wraps today, Morand participated in a roundtable titled “Imaginative Designs and Creation in Fashion Tech.”

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After a 10-year run, Carly Cushnie and Michelle Ochs, cofounders and designers of Cushnie et Ochs, are parting ways.
In addition, Peter Arnold, chief executive officer of Cushnie et Ochs, is leaving the company after a little over two years in the role. Cushnie will assume the ceo responsibilities until a successor is named.
According to sources close to the company, it is believed that the Cushnie and Ochs’ relationship had run its course and came to a natural end.
Cushnie, Ochs and Arnold were unavailable for comment.
“Over their decade-long partnership, Carly Cushnie and Michelle Ochs have created a vibrant brand, unique in its bold sensuality and minimalist sophistication. As we plan for the next decade, we are realigning our organization with Carly at the helm of our leadership team, while seeking a new ceo from the marketing and merchandising world, who can further accelerate the expansion of our brand,” said a company spokeswoman. “Michelle has played an instrumental role in the creation and growth of the brand, and we wish her every success. We also thank Peter for his important contributions.”
The executive committee determined that streamlining the organization under Cushnie and seeking a new leader from the marketing/merchandising world would best position

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FASHION TIE-UP: Kim Jones has gone from luxury to fast fashion. After recently leaving his job as men’s artistic director for Louis Vuitton, the designer announced via an Instagram post Wednesday that he has created an exclusive collection for GU, the lower-priced sister brand of Uniqlo.
Fast Retailing outlined the collaboration in a press release Thursday, saying that the collection, titled Kim Jones GU Production, is to be released on March 21. It will be available online and in select GU stores in Japan and Taiwan, and in all GU stores in Hong Kong.
The collection draws on designs from Jones’s eponymous brand, which ceased operations in 2008, and updates them to be in line with the latest styles. It will include both men’s and women’s pieces, such as denim jackets and color-blocked sweaters. The full offering will be announced via a dedicated web site starting March 5.
The visuals for the collection were shot by Jones and styled by Melanie Ward. In addition, a special display for the offering will be set up at GU’s Ginza flagship store in Tokyo for a limited time starting March 21.

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Revenue figures from the major houses show an uptick in earnings in 2017.

The Mr P collection from the preeminent men’s luxury e-tailer is inspired by Dennis Hopper and Ed Ruscha.

The first product from Thomas & Darden, the Kube is remarkably loud and can keep your drinks cool to boot.

The $450,000 Baccarat bottle of Louis XIII holds 9 liters of Cognac.