Did You Know?
Did You Know?
This year may have kicked off with the lowest mortgage interest rates in history, but the record lows aren't going to last. Rates are now starting to climb and are expected to continue heading higher throughout 2021. Just last week, mortgage rates rose to the highest point since August 2020. The average interest rate on a 30-year fixed-rate mortgage went up to 2.97%, almost half a percent lower than a year ago. The 15-year fixed-rate mortgage rose to 2.34%. It marked the biggest one-week move since last March when the pandemic was beginning to unfold. (CNN)
Southern California real estate is booming everywhere, contrary to the narrative that speaks of Californians FLEEING en masse.....The median sales price across the six-county region reached $599,500 — a 13% increase from January 2020. The number of sales increased 13% year-over-year. January was the 6th consecutive month in which the regional median price increased by a double-digit percentage year-over-year and the 5th consecutive month in which the number of sales did so. (L.A. Times.)
Irvine-based Shopoff Realty Investments has released details on a $90 million luxury condominium community coming to Newport Beach, part of its $1.25 billion master-planned development at Uptown Newport. Expected to break ground in March, the Parkhouse Residences will be built on the 25-acre, two-phase development. The firm is building 30 condos among five buildings designed by WHA Architects, Design styles will come in a combination of half-floor flats and two-story penthouses with starting prices of around $1.9 million.