Weekly Real Estate Update

Nov. 22, 2023

Market Update - Week of 11/22/2023 - Mortgage rates decline for fourth week

California had a relatively lackluster month for home sales in October as rising rates during August and September weighed on home buyers and further depressed housing inventory. This contrasts with relatively strong economic data for October where job growth re-accelerated and unemployment remained below 5%. However, there are signs ...

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Nov. 17, 2023

Market Update - Week of 11/17/2023 - Mortgage rates decline for a third week

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The 30-year fixed-rate mortgage averaged 7.44%, down again from last week’s average of 7.5%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released yesterday. 


This week’s numbers:


  • 30-year fixed-rate mortgage averaged 7.44% as of November 16, 2023, down from ...
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Nov. 9, 2023

Market Update - Week of 11/9/2023

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The 30-year fixed-rate mortgage (FRM) saw its second week of declines, this week averaging 7.5%, down from 7.76% last week, according to the latest Primary Mortgage Market Survey® (PMMS®) by Freddie Mac.


This week’s numbers:


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Oct. 26, 2023

Market Update 10/27/2023 - Home prices logged their third consecutive year-to-year increase last month

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Mortgage rates continue their upward climb as daily rates top 8% this week. This comes as the bond market continues to price in “higher-for-longer” and rates for 10-year notes are quickly approaching 5% after remaining relatively flat through the first half of this year. Despite this, consumers remain a ...

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Oct. 5, 2023

Market Update - Week of 10/6/2023

High interest rates, the resumption of student loan payments, and rising gas prices are a few items that have kept consumer confidence down in the last couple of months. On the other hand, an improving inflation outlook and a still-solid labor market are some positives that should help the ...

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Sept. 28, 2023

Market Update - Week of 9/29/2023

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Recently updated guidance shows that consumers should prepare for interest rates to remain elevated for longer than initially anticipated as the economy, and labor markets in particular, continue to outperform expectations and keep inflation above the target range. Homebuying demand, though still grappling with reduced affordability as rates remain ...

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Sept. 21, 2023

Market Update - Week of 9/22/2023

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Home sales in California had another soft month in August as interest rates surged to the highest level in 22 years late last month before calming down slightly in the past two weeks. Home prices continue to recover, nevertheless, with the California median price gaining year-over-year for the second ...

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Sept. 14, 2023

Market Update - Week of 9/15/2023

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Buyers and sellers’ sentiments remained virtually unchanged in August as housing market participants wait for more signals on what the Fed’s next move will be in the upcoming FOMC meeting. With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated for a ...

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Aug. 31, 2023

Market Update - Week of 9/1/2023

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Rates have risen sharply in the past few weeks, but the housing market has weathered this rise relatively well. Although the primary measures of mortgage demand show that homebuyers remain affected by higher rates, the gap between 2022 and 2023 levels has yet to widen noticeably. In addition ...

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Aug. 25, 2023

Market Update - Week of 8/25/2023

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The economy continues to be characterized by both encouraging signs and reasons for pause. Interest rates remain on the uptrend and are likely to continue for the near term as Treasury rates respond to ongoing strength in the underlying economic data. At the same time, new home sales and ...

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