US Mortgage Rates Skyrocket to 22-Year High, Further Straining Housing Market

Last week, the U.S. Mortgage Bankers Association reported that mortgage rates had hit a 22-year high of 7.41%, causing a drop in home-purchase applications. This increase has made the already strained housing market even less affordable, with home prices continuing to rise due to a limited supply of homes on the market and homeowners being reluctant to move in the current high-rate environment. The escalating borrowing costs have also resulted in a decrease in overall mortgage applications, including refinancing activities. Federal Reserve Chair Jerome Powell has suggested that these high rates may persist or even increase further if inflation does not return to its 2%

Continue to full article

Uncategorized

  • California continues to constrain the rental housing market — to its detriment.

    California continues to constrain the rental housing market — to its detriment.

    California lawmakers are implementing new "renters' rights" laws that are seen as burdensome for housing providers. The laws restrict landlords' ability to reclaim their property for personal use and limit security deposit amounts. Critics argue that these laws will discourage small landlords from renting out their properties and exacerbate the housing crisis. They believe that…


  • The Least Affordable Counties for Renting in California

    The Least Affordable Counties for Renting in California

    Orange County Avg local wages needed to rent: 88% Los Angeles County Avg local wages needed to rent: 83%


  • How Much Hourly Income Is Required to Afford Rent in California?

    How Much Hourly Income Is Required to Afford Rent in California?

    Affordability challenges persist in high-cost states like California. California ranks 1 in the US for high rental costs.


  • New Reverse 2nd Mortgage – It’s Okay to be in Second place

    New Reverse 2nd Mortgage – It’s Okay to be in Second place

    Small "2nd" Reverse Mortgages are gaining popularity as they allow seniors to keep their low-rate "1st" Mortgages and access a small amount of equity with no monthly payments. This program provides a way for seniors to thrive in retirement by offering financial solutions without sacrificing the security of their home. Continue to full article


  • Home-Repair Costs in California Soar Over a Decade

    Home-Repair Costs in California Soar Over a Decade

    Supply costs ↑ 5.8% yearly impacting home repair expenses. Californians saw ↑ 67% in home repair costs over a decade. Pandemic sped up supply and labor cost increases. Predicting improved supply chains and lower inflation may cut repair/remodel costs.


  • Happy Valentine’s Day

    Happy Valentine’s Day

    Valentine’s Day occurs every February 14 around the world, and candy, flowers and gifts are exchanged between loved ones, all in the name of St. Valentine Valentine greetings were popular as far back as the Middle Ages, though written Valentine’s didn’t begin to appear until after 1400. By the middle of the 18th, it was…


Unlock Your Real Estate Potential:
Buy, Sell, or Invest with Confidence

From finding your dream home to making smart investments, our expert team is here to guide you every step of the way. Discover the possibilities of real estate with our comprehensive services and personalized approach