Dawn Gonzales, REALTOR® 
DRE # 01199429
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818-535-6493

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

Location

7616 Louise Avenue
Lake Balboa, CA 91406

DRE# 01199429

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