April 04, 2024
"Mortgage rates showed little movement again this week, hovering around 6.8 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.82%
Average FHA 30-year fixed-rate APR is 6.92%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 28, 2024
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. “We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.” The 30-year FRM averaged 6.79 percent as of March 28, 2024, down from last week when it averaged 6.87 percent. A year ago at this time, the 30-year FRM averaged 6.32 percent.
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.79%
Average FHA 30-year fixed-rate APR is 6.52%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 14, 2024
“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.74%
Average FHA 30-year fixed-rate APR is 6.65%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 07, 2024
“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.88%
Average FHA 30-year fixed-rate APR is 6.76%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 29, 2024
"Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again,” said Sam Khater, Freddie Mac’s Chief Economist. “The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.94%
Average FHA 30-year fixed-rate APR is 6.31%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 15, 2024
"On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.77%
Average FHA 30-year fixed-rate APR is 7.29%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 08, 2024
“Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.64%
Average FHA 30-year fixed-rate APR is 6.25%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 01, 2024
“Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater elaborated, “Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.63%
Average FHA 30-year fixed-rate APR is 6.25%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 25, 2024
“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.69%
Average FHA 30-year fixed-rate APR is 6.24%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 18, 2024
“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.60%
Average FHA 30-year fixed-rate APR is 6.99%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 11, 2024
“Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.66%
Average FHA 30-year fixed-rate APR is 5.87%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 01, 2024
NEW CALIFORNIA RENTAL LAWS FOR 2024
Over the past year, the California Apartment Association weighed in on hundreds of rental housing related bills at the state Capitol. These efforts prevented many of the most-problematic proposals from reaching the governor’s desk, while also helping push some positive bills across the finish line. In the paragraphs that follow, we review some of the bills signed into law with the highest potential to affect your rental operations in the year to come. Each of the laws described below takes effect in 2024.
Screening Fee Receipts – Under this law, landlords and applicants for tenancy can agree to use email to deliver a screening fee receipt, sending it to an email account provided by the applicant. Previously, property owners were required to hand-deliver or mail the receipt. AB 1765 was initiated by the Assembly Housing Committee.
Trespass Letters – This law prolongs the validity of trespass letters, also known as 602 letters, from 30 days to 12 months. With trespass letters, a property owner can alert local law enforcement that a property is uninhabited. This allows law enforcement to clear the property of any trespasser who attempts to take up residence and who claims they are a legal occupant. If a 602 letter is on file with local law enforcement, landlords need not go to court to evict an individual who claims to be a legal tenant. SB 602 was authored by Sen. Archuleta (D-Pico Rivera).
Security Deposits – This law caps security deposits at one month’s rent, regardless of whether a unit is furnished or unfurnished. Owners of no more than two rental properties, comprising no more than four units, can request up to two months’ rent. The law takes effect July 1, 2024. AB 12 was authored by Assemblyman Haney (D-San Francisco).
Tenancy: Micromobility Devices – This law allows a tenant’s micromobility devices, such as e-bikes and e-scooters, to be stored in the rental unit — so long as the batteries are approved by the Consumer Product Safety Commission or the European Product Standards. If they do not meet these standards, the landlord can require the tenant to have insurance for the device and can prohibit the tenant from plugging it in inside the rental unit. If the landlord provides the tenant secure, long-term storage outside the unit, they can mandate that the device be stored outside the unit. SB 712 was authored by Sen. Portantino (D-Burbank).
Just Cause Eviction – This amendment to the state’s Tenant Protection Act of 2019 (AB 1482) changes some of its just-cause for eviction rules. These changes apply in cases where the owner terminates the tenancy because the owner or the owner’s family wishes to move into the unit or in those cases where the owner needs to perform substantial rehab to the unit. The law requires specific notices from the landlord to the tenant in those cases. It also imposes penalties against rental property owners who fail to follow the law. SB 567 was authored by Sen. Durazo (D-Los Angeles).
Costa-Hawkins: Permanent Disabilities – This law allows local jurisdictions that have enacted rent control ordinances to permit a tenant to maintain the same rent if they make a request to the landlord to move to a comparable or smaller unit in the same building due to a permanent disability related to mobility. The law provides that the move is allowed if all of the following apply:
- The tenant’s move is determined to be necessary to accommodate the tenant’s physical disability related to mobility-related disability;
- There is no operational elevator that serves the floor of the tenant’s current unit;
- The new unit is in the same building or on the same parcel with at least four other units and shares the same owner;
- The new dwelling or unit does not require renovation to comply with applicable requirements of the Health and Safety Code;
- The applicable rent control board or authority determines that the owner will continue to receive a fair rate of return or offers an administrative procedure ensuring a fair rate of return for the new unit;
The tenant must be current on their rent. Any security deposit paid by the tenant in connection with their rental of the dwelling or unit being vacated shall be handled in accordance with existing security deposit law upon the tenant’s move. AB 1620 was authored by Assemblyman Zbur (D-Los Angeles)
Credit History – Governmental Rental Subsidy – This law prohibits rental property owners from using a person’s credit history as part of the application process – if they have a government rental subsidy, such as Section 8 — without offering the applicant the option to provide alternative evidence of a verifiable legal means to pay their portion of the rent. SB 267 was authored by Sen. Eggman (D-Stockton).
Source: What's new in rental housing law for 2024 • California Apartment Association (caanet.org)
Rent Stabilized Units/mobilehome spaces:
Fully covered rental units subject to the RSTPO and mobilehome spaces subject to the MRSMOPO are restricted to a maximum rent increase of 4%. January 1, 2024 – June 30, 2024
The Rent Stabilization Program oversees and enforces the Rent Stabilization and Tenant Protections Ordinance (RSTPO) and Mobilehome Rent Stabilization and Mobilehome Owner Protections Ordinance (MRSMOPO), which stabilize rents and extend eviction protections for eligible properties. The program also oversees the Rental Housing Oversight Commission (RHOC) which resolves appeals related to the ordinances.
Source: Rent Stabilization Program – Consumer & Business (lacounty.gov)
December 28, 2023
“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.61%
Average FHA 30-year fixed-rate APR is 6.87%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
December 14, 2023
“Potential homebuyers received welcome news this week as mortgage rates dropped below seven percent for the first time since August,” said Sam Khater, Freddie Mac’s Chief Economist. “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.95%
Average FHA 30-year fixed-rate APR is 7.02%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
December 07, 2023
“The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago,” said Sam Khater, Freddie Mac’s Chief Economist. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.03%
Average FHA 30-year fixed-rate APR is 7.28%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
November 30, 2023
“Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.22%
Average FHA 30-year fixed-rate APR is 6.43%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
November 09, 2023
“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.5%
Average FHA 30-year fixed-rate APR is 6.81%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
November 02, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.76%
Average FHA 30-year fixed-rate APR is 7.92%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
October 26, 2023
“For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.79%
Average FHA 30-year fixed-rate APR is 8.17%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
October 19, 2023
“Mortgage rates continued to approach eight percent this week, further impacting affordability,” said Sam Khater, Freddie Mac’s Chief Economist. “In this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate. With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance. Launched this week, Freddie Mac’s DPA One® tool helps lenders and homebuyers identify and take advantage of down payment assistance programs nationwide.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.63%
Average FHA 30-year fixed-rate APR is 8.36%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
October 12, 2023
“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase,” said Sam Khater, Freddie Mac’s Chief Economist. “The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.57%
Average FHA 30-year fixed-rate APR is 7.97%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
October 05, 2023
“Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed,” said Sam Khater, Freddie Mac’s Chief Economist. “Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.49%
Average FHA 30-year fixed-rate APR is 8.04%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
September 28, 2023
“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s Chief Economist. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.31%
Average FHA 30-year fixed-rate APR is 8.01%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
September 21, 2023
“Mortgage rates continue to linger above seven percent as the Federal Reserve paused their interest rate hikes,” said Sam Khater, Freddie Mac’s Chief Economist. “Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.19%
Average FHA 30-year fixed-rate APR is 7.79%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
September 14, 2023
“Mortgage rates inched back up this week and remain anchored north of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.18%
Average FHA 30-year fixed-rate APR is 7.57%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
September 07, 2023
“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.12%
Average FHA 30-year fixed-rate APR is 7.51%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
August 24, 2023
“This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.23%
Average FHA 30-year fixed-rate APR is 7.52%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
August 17, 2023
“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s Chief Economist. “The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.09 percent, reaching its highest level in over twenty years.
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 7.09%
Average FHA 30-year fixed-rate APR is 7.77%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
August 10, 2023
“For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.96%
Average FHA 30-year fixed-rate APR is 7.62%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
August 03, 2023
“The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”
Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.90%
Average FHA 30-year fixed-rate is 7.56%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
July 27, 2023
“Mortgage rates inched up slightly after a significant decline last week,” said Sam Khater, Freddie Mac’s Chief Economist. “Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”
July 28, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.81%
Average FHA 30-year fixed-rate is 7.55%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
July 20, 2023
“As inflation slows, mortgage rates decreased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Still, the ongoing shortage of previously owned homes for sale has been a detriment to homebuyers looking to take advantage of declining rates. On the other hand, homebuilders have an edge in today’s market, and incoming data shows that homebuilder sentiment continues to rise.”
July 20, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.78%
Average FHA 30-year fixed-rate is 7.28%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
July 13, 2023
“Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.”
July 13, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.96%
Average FHA 30-year fixed-rate is 7.34%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
June 01, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.79%
Average FHA 30-year fixed-rate is 7.19%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
May 18, 2023
“The 30-year fixed-rate mortgage averaged 6.39 percent this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.”
May 18, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.39%
Average FHA 30-year fixed-rate is 7.08%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
Apil 28, 2023
“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”
April 28, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.43%
Average FHA 30-year fixed-rate is 6.97%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
April 13, 2023
“Mortgage rates decreased for the fifth consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.”
April 13, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.27%
Average FHA 30-year fixed-rate is 6.84%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
April 06, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.28%
Average FHA 30-year fixed-rate is 6.71%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 30, 2023
“Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.”
March 23, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.32%
Average FHA 30-year fixed-rate is 6.87%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 23, 2023
“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”
March 23, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.42%
Average FHA 30-year fixed-rate is 6.65%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 17, 2023
“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes. Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders.”
March 17, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.60%
Average FHA 30-year fixed-rate is 7.03%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
March 1, 2023
California REALTORS® applaud bill to raise capital gains exclusion and free up housing inventory
LOS ANGELES (March 1) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the “More Homes on the Market Act,” reintroduced today by House Representatives Jimmy Panetta (D-CA) and Mike Kelly (R-PA). The bipartisan bill increases the capital gain exclusion amounts on the sale of a principal residence to $500,000 for single filers and $1 million for joint filers and indexes the exclusion for inflation.
“California REALTORS® thank Congressman Panetta for reintroducing the ‘More Homes on the Market Act.’ This bill will provide necessary tax relief for California homeowners, particularly senior citizens, who have been unable to move because of the tax burden that could result if they were to sell,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®.
“For working Californians, a home is their biggest and most important investment. However, because the capital gains exclusion was passed 25 years ago with no indexing for inflation, fewer and fewer families have been able to downsize and access the equity built up in their homes. This has resulted in fewer homes being available for younger and first-time homebuyers to move into, which has driven up demand and home prices even more.”
The National Association of REALTORS® estimates that in California, as many as 95 percent of single homeowners and 68 percent of married homeowners who purchased their homes before 2000 could face capital gains tax if they sold their home this year.
March 02, 2023
"As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent," said, Sam Khater, Freddie Mac's Chief Economist.
March 02, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.65%
Average FHA 30-year fixed-rate is 7.26%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 23, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.50%
Average FHA 30-year fixed-rate is 7.09%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 16, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.32%
Average FHA 30-year fixed-rate is 7.08%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 09, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.12%
Average FHA 30-year fixed-rate is 6.80%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
February 02, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.09%
Average FHA 30-year fixed-rate is 6.58%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 20, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.15%
Average FHA 30-year fixed-rate is 6.57%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 12, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.33%
Average FHA 30-year fixed-rate is 6.74%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
January 05, 2023 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.48%
Average FHA 30-year fixed-rate is 6.82%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
Mortgage Rates Inch Up
January 5, 2023
Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023. Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market. Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.
(Source: Freddie Mac)
December 29, 2022 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.42%
Average FHA 30-year fixed-rate is 6.07%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
December 08, 2022 Mortgage Interest Rates
Mortgage rates decreased for the fourth consecutive week, due to increasing concerns over lackluster economic growth, said Sam Khater, Freddie Mac's Chief Economist. The largest declined since 2008.
Average 30-year conventional fixed-rate is 6.33%
Average FHA 30-year fixed-rate is 6.95%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
December 01, 2022 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.49%
Average FHA 30-year fixed-rate is 6.72%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
November 23, 2022 Mortgage Interest Rates
Average 30-year conventional fixed-rate is 6.58%
Average FHA 30-year fixed-rate is 6.88%
For your actual rate contact your mortgage broker
Refinance rates may be different
Fees/Points not included in above rates
(Source: Freddie Mac and Bankrate)
November 02, 2022
As expected the Federal Reserve raised their interest rate by 0.75% for the fourth time in a row, and sixth rate hike this year.
September 21, 2022
As expected the Federal Reserve raised their interest rate by 0.75%, again. What does this mean?...It will be more expensive to borrow money; revolving debt. Here are 4 things that could and more likely will be more expensive:
1. Credit cards
2. Auto financing
3. New mortgage
4. Adjustable-rate mortgages including HELOC and home equity line of credit
July 27, 2022
As expected the Federal Reserve raised their target fund rate by 0.75% today.
The federal funds rate, which is set by the U.S. central bank, is the interest rate at which banks borrow and lend to one another overnight. Although, it's not the rate us consumers pay, the Fed's moves still affect the borrowing and saving rates we see every day.
15-year and 30-year mortgage rates are fixed and tied to Treasury yields and the economy, not the Fed's target rate.
This rate affects for example credit cards and home equity lines of credit.
(Source: CNBC. Full article at CNBC.com)
July 18, 2022: June Home Sales and Price Report
The California Association of Realtors reported today California's housing market continued to downshift in June as housing demand cooled further to levels not seen in the past two years and entered its biggest dip since May 2020. June's statewide median home price paid was, $863,790 down 4.0% from the record-high of $900,170 in May 2022 and up 5.4% from June 2021.
Supply and demand along with historically low mortgage rates have driven up the home prices in the last couple of years. In a normal market, it would take seven or more years to build the wealth in a home that the majority of Californians gained in the past two years.
The California housing market is cooling off and, in a slowdown. A slowdown is not a bubble or crash. Economist and other real estate experts including myself, believe it is not a bubble or a crash, nor heading into one. Why? This is not the same housing market of 2008. Since The Great Recession of 2008, mortgages are structured differently, lenders (banks) tightened up their mortgage standards and regulations, homeowners have equity in their homes, housing inventories remain low, and real estate can be a hedge against inflation.
We have seen more homes come on the market for sale in the past few months and weeks, but housing inventory remains low. These listings are selling quickly if priced correctly and the vast majority of homes sold are still receiving multiple offers on them, but they are not receiving the number of offers that they would have received a few months ago. We are seeing two to four offers, not twenty or more!
There was a 2.5-month supply of homes for sale in June 2022 up from 2.1-month supply of homes for sale in May 2022 and a 1.7-month supply from June 2021. While the supply is up slightly a 2.5-month is still a low level. A normal market has a 5-6-month supply of homes on the market for sale.
Pricing your home correctly and accordingly to today's housing market will save you time and money. A new listing gets lots excitement and urgency from prospective buyers when it's new on the market. The longer a home stays on the market for sale, it loses its excitement, and prospective buyers may start questioning the reasons why it's still available for sale.
It is predicted by economist and the National Association of Realtors; the Federal Reserve will continue to raise the mortgage rates this year. However, even with this increase mortgage rates they will continue to be historically low-below 8% in 2022.
I am on top of the real estate housing and financial market and conditions, and here to help you navigate with these changing times. Call me today with any questions, or to find out if buying or selling is right for you.
Dawn Gonzales
REALTOR®
818.535.6493
DRE # 01199429