GMA REAL ESTATE 2023
ABC News Chief Business Correspondent Rebecca Jarvis examines if now is the time to buy, refinance or wait to buy a home.
MORTGAGE RATES SOAR TO 7.22% AFTER STRONG ECONOMIC DATA
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.
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…