The spring homebuying season is traditionally the busiest time of the year for real estate, but this year, a familiar foe is keeping the market tepid: inflation.
According to Bankrate’s latest national survey of lenders, the average rate for a 30-year fixed home loan ticked up to 6.46%, up from 6.43% the previous week. Rates on 15-year loans and jumbo mortgages followed a similar upward trajectory.
If you are trying to buy a home right now, here is a breakdown of what is driving this latest spike and how it impacts your plans.
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average 30‑year fixed rate recently hit 5.99%, matching its lowest point in more than two years. This shift is already stirring movement among buyers and refinancers nationwide, and California’s market — long shaped by affordability pressures and rate sensitivity — is poised to feel the effects quickly.
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Will Mortgage Rates finally drop enough for prospective buyers in 2026?
If you’ve been waiting to buy a home, you aren’t alone. A new study from Clever Real Estate shows that almost every single person planning to buy a home this year is waiting for one specific thing: lower mortgage rates.
The Magic Number is 6%.
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The world of mortgage interest rates can feel like a constantly shifting landscape, and right now, there are a few key factors at play that homeowners and prospective buyers need to understand. From the Federal Reserve’s actions to the looming threat of a government shutdown, here’s a look at what’s happening and how it might affect interest rates.
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What That Means For Santa Barbara Federal Reserve Chair Jerome Powell’s recent speech at Jackson Hole sent ripples through financial...
As the sun blazes over the Pacific and the scent of Fiesta confetti still lingers in the air, Santa Barbara’s real estate market is dancing to its own rhythm this August. Whether you’re buying, selling, or just soaking in the coastal vibes, here’s what you need to know.
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The Financial Times / Meredith Whitney reported that Freddie Mac wants to enter the secondary home equity loan market in a win-win for the government, Wall Street, and consumers with Mortgage Reform that could unleash the next big U.S. stimulus.
The U.S. housing market is harboring the potential for unprecedented economic stimulus that wouldn’t require any federal spending, according to Meredith Whitney, the one-time Oracle of Wall Street” who predicted the Great Financial Crisis.
Meredith noted that mortgage finance giant Freddie Mac asked its regulator last month to enter the secondary mortgage market, or home equity loans, which allow homeowners to borrow against the equity in their houses. Such borrowing can be used for vacations, weddings, new cars, investments, medical bills, or starting a business. In other words, it’s more money that could power the economy.
Letting Freddie Mac initiate this mortgage reform for home equity loans could start putting $1 trillion into consumers’ wallets as soon as this summer and $2 trillion by the autumn, Whitney estimated. If fellow mortgage giants Fannie Mae and Ginnie Mac follow along, the potential stimulus could top $3 trillion.
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In 1971, the interest rate for a mortgage was 7.33%. If you waited for interest rates to go down, you wouldn’t have purchased a home until 1993. You would have rented for 22 years waiting for rates to go down, meanwhile the value of real estate quadrupled. Don’t wait to buy real estate. Buy real estate and wait. Marry the house, date the rate.
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The Santa Barbara Real Estate market continued to reflect trends that have been with us all year: relatively few homes for sale, higher mortgage interest rates, and a gradual cooling from the very hot market we experienced during the height of the pandemic.
Median prices and numbers of sales often flatten or decline in late summer into January compared to spring and early summer months. The market seems to have moved into this pattern. At the same time, continued interest rate increases and other factors are putting pressure on prices, offset to a large degree by a low supply of available homes for sale (inventory).
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Would you like a 3% Mortgage Rate? An Assumable Loan might be something to consider. Assumable loans are loans where the buyer takes over the interest rate that the seller currently has if the seller’s lender allows for that. This allows for more affordability and increased opportunities for sellers and is something listing agents should factor into their marketing.
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