Hitting 2023 mortgage rate obstacles, construction starts return to pandemic lows; Monthly Statistical Updated (July 2023)

Posted by ft Editorial Staff | Jun 30, 2023 | Charts, Feature Articles, Market Watch, Monthly Statistical Update, Real Estate, Video | 2

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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About The Author

ft Editorial Staff

is the production staff comprised of legal editor Fred Crane, writer-editors Connor P. Wallmark, Carrie B. Reyes, Amy Platero, David Swistock, consulting instructor Summer Goralik, graphic designer Mary LaRochelle, video instructor Bill Mansfield and video editors John Rojas, Quinn Stevenson and Jose Melendez Avila.

2 Comments

TechyList on September 8, 2023 at 4:59 am
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
Reply
loldle on August 1, 2023 at 11:56 am
Thanks for sharing this statistics with us.
Reply