Good News on Rates + A Look at the Housing Market 🏡

As we get rolling after a holiday-shortened week, thanks to the observance of Martin Luther King Jr. Day, I have some encouraging news to share about mortgage rates, plus a quick look at what’s happening in the housing market.

My thoughts and prayers continue to go out to all our friends, clients, and the communities in SoCal that are being affected by the wildfires. The devastation is heartbreaking to see,e as I’ve served clients in these communities for 20 years! I want to reiterate that there is support available if you or your loved ones have been affected. Please visit the following websites for government assistance:

1. Federal Assistance – California wildfires | USAGov
2. State Assistance – 2025 Los Angeles Fires | CA.gov

Please be cautious about offers for help from organizations that you don’t know or can’t verify their legitimacy. If there’s any support I can offer, please reach out to me!

Rates Take a Dip:

Remember how rates were climbing? Well, we just saw a welcome decline beginning late last week! This is largely thanks to recent inflation data that came in lower than expected. It seems the economy might be cooling down a bit, which could be good news for mortgage rates.

Here’s a quick recap:

 – Inflation Eases: Lower inflation typically leads to lower rates, and that’s exactly what we’re seeing.
 – 30-Year Fixed Rate: The average 30-year fixed-rate mortgage has improved slightly this week.
 – 10-Year Note Yield: This key indicator, which influences mortgage rates, also fell to 4.58%.

What This Means for You:

If you’ve been waiting for rates to come down, now might be a good time to explore your options! Whether you’re looking to purchase a home or refinance, I’m here to help you find the best mortgage solution for your needs.

Housing Market Update:

While mortgage rates are a key piece of the puzzle, it’s also important to understand what’s happening in the housing market itself. Here are a few highlights:

– Housing Starts: Overall, housing starts were down slightly in 2024, but there are signs of increased activity in the single-family market.
– New Construction: Builders are optimistic about 2025, with expectations for a slight gain in single-family home construction. This could help ease some of the inventory challenges we’ve been seeing.
– Regional Differences: Housing trends vary across the country. Some regions are experiencing stronger growth than others.

Let’s Connect!

As always, I’m here to answer your questions and provide personalized guidance. Whether you’re a first-time homebuyer, a seasoned homeowner, or a valued partner, I’m committed to helping you navigate the real estate landscape.

Have a wonderful week, and stay safe!