Did You Know?
- 01/02/23
Some real estate economists are projecting that mortgage rates will start to fall sometime in 2023, perhaps by the second half of the year. Lawrence Yun, the chief economist for the National Association of Realtors thinks mortgage rates already peaked in November and will hover around 6 percent, or edge lower, in 2023. “That could open the gates for buyers who are priced out to re-enter the market,” he said. (WSJ)
Southwest Airlines is attempting to resume its normal flying schedule today, planning to more than double its number of flights from Thursday’s level, after canceling nearly 16,000 flights over the previous week! (CNN)
Officials from the OC Health Care Agency are saying that people should stay out of the ocean in the OC & LA areas because of the high bacteria levels off local beaches. This is after a rainstorm that rolled on Tuesday. The advisory may be extended depending on further rainfall. (OC Register)
Did you know?
- 12/20/22
Nationally, rents fell 0.4% from October to November, the largest one-month decline in the seven-year history of the Zillow Observed Rent Index. This comes on top of a 0.1% decline in October, and decisively closes the door on a period of nearly two years of above-average monthly rent increases that began in November 2020. (Zillow)
A few notable mortgage rates moved downward today. The average interest rates for both 15-year fixed and 30-year fixed mortgages decreased. The average rate of the most common type of variable-rate mortgage, the 5/1 adjustable-rate mortgage, also sank. For a 30-year, fixed-rate mortgage, the average rate you'll pay is 6.60%, which is a decline of 3 basis points from one week ago. The average rate for a 15-year, fixed mortgage is 5.99%, which is a decrease of 2 basis points from seven days ago. A 5/1 ARM has an average rate of 5.46%, a slide of 2 basis points from the same time last week (CNET)
Did you know?
- 11/14/22
The consumer price index increased 7.7% annually and 0.4% monthly. That yearly figure is the slowest rate since January. But more important is the slowdown in core CPI, which is a better gauge of inflation because it strips out volatile food and gas prices. Core CPI rose 0.3% monthly in October, a big drop from 0.6% in September and August.
Election update: The balance of power in DC became only a bit clearer yesterday as votes continue to be counted in competitive House and Senate races. The GOP appears on track to eke out a win in the House, but they still need to win two of the three outstanding Senate races to gain control of that chamber. Meanwhile, in a surprisingly close House race in Colorado, Democrat Adam Frisch and incumbent GOP Rep. Lauren Boebert are separated by a razor-thin margin that could trigger a recount.
Did you know?
- 10/29/22
The average 30-year fixed mortgage interest rate is 7.32%, which is a growth of 15 basis points from one week ago, however rate buy downs are becoming more widespread and can be a great strategy to drastically increase affordability for buyers when negotiating a purchase. If you’re interested in seeing how this strategy can be used please reach out here.
The average price for a gallon of regular gas fell across Newport Beach to its lowest level since at least 2019 on Thursday, according to the latest figures from AAA. "Prices are rapidly dropping because the supply and refinery issues that caused them to skyrocket in September and early October were resolved when the state allowed early sales of winter blend gasoline, easing the supply crisis.
