Broadcast December 28, 2017
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Santa Barbara's iconic Stearns Wharf is a structure that changed the face of Santa Barbara. Today SB celebrates Stearn Wharf for 150 years!
The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That’s the highest point since early November. For a homebuyer taking out a $400,000 mortgage, the monthly payment of principal and interest rose to $2,720 from $2,637 in just one week. For sellers, higher mortgage rates have created a so-called golden handcuff effect. The vast majority of homeowners today have mortgages with interest rates below 4% or even below 3%. “Recent data indicated that nearly 82% of home shoppers reported feeling locked-in by their existing low-rate mortgage, while around 1 in 7 homeowners without a selling plan cited their current low rate as their reason for remaining on the sidelines,” said Jiayi Xu, an economist at Realtor.com. Because of that, there is currently a critical shortage of homes for sale, with year-to-date new listings now 20% behind last year’s pace. Click Read More Below for the entire post and GMA video on Mortgage Rates and Decoding the Real Estate market. (7.7.2023) Image from the World Property Journal Click READ MORE below for video
Originally offered for sale at $100,000,000 the late Michael Jackson's Neverland Ranch is now offered for sale at $67,000,000.
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Mark Lomas BRE 00898298
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