As inflation ran rampant in 2022, the Federal Reserve took action to bring it down and that led to big interest rate growth. The average 30-year fixed-rate mortgage more than doubled within the course of the year.
However, with inflation cooling, the Fed starting to slow its rate hikes, and the likelihood of a recession, many experts currently believe mortgage interest rates will descend or move within a tighter range compared to the spikes we saw earlier in 2022. Of course, rates could rise on any given week or if another global event causes widespread uncertainty in the economy. Authored by Paul Centopani, Editor The Mortgage Reports
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The state of the current real estate market in Southern California is one that is in a bit of a state of flux. For years, the market has been booming and prices have been steadily rising. However, in the past few months, there has been a bit of a slowdown. Sales have been declining and prices have begun to level off or even dip in some areas. Despite this recent slowdown, the market is still far from being in a bad state. Prices are still high and there is still a lot of demand for housing, especially in the more desirable areas. There are a number of factors that have contributed to the slowdown in the market. Firstly, the price of housing has become unaffordable for many people, especially in the more desirable areas. Secondly, interest rates have been rising, which has made it more difficult for people to get mortgages. Finally, there has been an increase in the number of homes being listed for sale, which has given buyers more choice and put downward pressure on prices. Despite the recent slowdown, the market is still in a good state overall. Prices are high, but they are not rising as rapidly as they were before. Sales may be down, but there is still high demand for housing. If you are looking to buy or sell a home in Southern California, now is a good time to do so.
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May 2024
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