Mortgage Rates Drop Over 1.5% Since Recent Peak: What It Means for Southern California Homebuyers and Sellers.As of late 2024, mortgage rates have seen a notable drop of over 1.5% from their peak of around 8.0% in late 2023. As of Sept 30th, the average 30-year fixed-rate mortgage hovers around 6.2%, offering much-needed relief to prospective homebuyers and those considering refinancing their existing...
Larry and Sandra Martinez had been chasing the California dream of homeownership since the pandemic began. Like many young families in Los Angeles, they watched helplessly as home prices skyrocketed by 45% and mortgage rates doubled, pushing their dream further out of reach. But the couple wasn't ready to give up.Larry, a truck driver with a non-traditional schedule, and Sandra, a remote worker for a...
It’s early 2024, you're sitting pretty with your 2.75% mortgage from a few years ago, locked into one of the lowest rates in history. But times have changed - rates are now over 7% and rising. You need a bigger house for your growing family, but taking on a new mortgage at today's rates could potentially double your monthly payment. What to do? Stay put and make it work, or bite the bullet? It's a...