Weekly Real Estate Update

June 13, 2024

Mortgage rates continue their gradual decline

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Mortgage rates continue their gradual decline, with the 30-year fixed-rate mortgage averaging 6.95% this week, following the Federal Reserve's decision to maintain its benchmark rate. Home sales are holding steady, particularly in the high-end market, driven by increased inventory and strong performance among high-income earners. Despite a ...

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June 7, 2024

Mortgage Rates Dip Below 7% In The Latest Week As The U.S. Economy Showed Signs Of Slowing

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Mortgage rates began to reverse in the middle of last week, with the average 30-year fixed rate mortgage dropping back to the lowest levels in nearly two weeks. With the Fed’s preferred inflation gauge showing signs of cooling and the revised Q1 GDP suggesting a dial back in consumer ...

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May 30, 2024

New Reports Give Promising Outlook For California's Housing Market

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A couple of reports released recently offer a promising outlook for the California housing market in the medium and long term. The anticipated increase in the statewide population in the coming years and a strong desire for many renters to buy in the near future are encouraging news that ...

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May 23, 2024

California median home prices set a new record high

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Mortgage rates moderated further last week before inching up in the past couple days, as latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple reports to justify rate cuts for the Fed ...

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May 16, 2024

Mortgage rates continued to edge down this week after softer-than-expected inflation numbers

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Mortgage rates continued to edge down this week after softer-than-expected inflation numbers. The April CPI report came in slightly lower than expected, which sent mortgage rates down a bit this week and makes it more likely that the Fed will cut interest rates this summer. California’s housing market continues ...

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May 9, 2024

A weaker-than-expected jobs report adds hope for lower interest rates

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The Federal Reserve's Open Market Committee (FOMC) met last week and decided to leave the fed funds rate unchanged, citing a strong economy and inflation that has failed to make any progress over the most recent couple of months. On the other hand, the most recent jobs data ...

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May 3, 2024

Is the Housing Marketing Adjusting To The New Normal?

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Mortgage rates rose slightly this week as the latest macroeconomic report shows that the U.S. economy continued to grow moderately with inflation remaining sticky and declining slower than expected. Despite being in an environment where rates stay higher for longer, there are signs that suggest that housing consumers ...

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April 25, 2024

Home sales activity pulled back in March as mortgage rates continued to rise

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Home sales activity pulled back in March as mortgage rates continued to rise in the past few weeks. With inflation remaining sticky and above the Fed’s policy target range, the housing market  had  a  slow  start  to  kick  off  the  spring  homebuying  season.  Despite  the  headwinds, REALTORS® remain upbeat and believe the market will continue to improve in the later ...

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April 18, 2024

Recent strong economic data causing speed bumps ahead for interest rates

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We remain in a paradoxical environment where the ongoing strength of the U.S. economy raises concerns for the housing market. Strong jobs numbers last week were followed by equally strong inflation numbers this week, and then retail spending numbers exacerbated concerns that any rate cuts from the Fed ...

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April 11, 2024

Futures point to doubts over Feds rate cut plans

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With the jobs report coming in stronger than expected for the third month in a row, a soft landing in 2024 is looking more and more likely for the economy. However, a decent growth rate in economic activity and a higher than expected March Consumer Price Index report, are ...

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