Home buying demand skyrocketed during the pandemic as interest rates collapsed and an influx of Americans started working from home. However, the Fed’s rate hikes have quickly spurred a reversal. Mortgage originations jumped from $2.3 trillion in 2019 to more than $4 trillion in 2020 and 2021, but demand has since plummeted to the lowest level in more than two decades.
“Rates are significantly higher than they were a year ago, which is why applications for home purchases and refinances remain depressed,” says Joel Kan of the Mortgage Bankers Association. “Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance.”
The residential real estate industry just witnessed a seismic event: the proposed combination of Compass…
If 2025 were a high-society treasure hunt, the Montecito Journal’s “Sightings” column would be the…
As Q3 wraps and September’s stats roll in, South Santa Barbara County’s residential market tells…
In 2021, the Santa Barbara Independent publication heralded the "Boroughs of Santa Barbara," selecting seven…
The world of mortgage interest rates can feel like a constantly shifting landscape, and right…
Santa Barbara had its own Beatlemania moment last Friday night when Sir Paul McCartney kicked…