The Monthly Statistical Update (MSU) keeps agents and brokers current on the market trends affecting California real estate transactions.
This month, we’re covering:
- adjustable rate mortgages (ARMs), which continue to eclipse FRM rates, eliminating their usefulness for buyers seeking to extend their purchasing power;
- the average rate on the 30-year fixed rate mortgage (FRM), which increased to 6.7% in June 2023, putting additional pressure on seller pricing; and
- spiraling construction starts, which have plunged following mortgage rate hikes and tightening credit.
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Interest rates are starting to rise again, but this time it’s not just for those looking to buy a home. The 2023 mortgage rate obstacles are also causing construction to start to decline. This could be a sign that the economy is starting
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