![]() ![]() Since November 2018, when it was 4.94%, mortgage rates have fallen more than two percentage points. It was 2.99% a week ago and 3.6% a year ago. As you probably know, points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate. It fell to 2.88 percent with an average 0.8 point, according to the latest data released last week by Freddie Mac. The current market data has a lot to do with the 30-year fixed mortgage rate, the most popular home loan product, which sank to its lowest level on record. ![]() In fact, since March, the Fed has been buying mortgage-backed securities in unprecedented amounts, which has pushed down mortgage rates. In part, this is because the Federal Reserve has played such an outsize role in the mortgage market. However, during the past several months, rates have been less tied to long-term bonds. ![]() And the 10-year Treasury has been a good indicator of where mortgage rates are headed. READ: Buying a Santa Barbara Home During a Pandemic Historically Low Mortgage RatesĮven for those who don’t need a mortgage because they plan to pay cash, the historically low mortgage rates have a bearing on their real estate transactions. Drawing on a Mediterranean-style design, the home features gorgeous views, multiple fireplaces and patios to die for.ĭue to exceptional listing like this one, top agents like me are experiencing multiple offers, with final sales as much as 3% above list price, pending in around 19 days. For example, there are 9-ft ceilings, combined with a wealth of large windows, skylights and French doors throughout. For instance, the new owners will appreciate the generously sized 3 bed, 3.5 bath open concept layout which boasts incredible scale. Emanating an ambiance of warmth and refinement, with stunning details throughout, this home was designed with utmost comfort and convenience in mind. This amazing property is perched atop a gated knoll, showcasing sensational ocean, coastline and mountain views from nearly every room. That low home inventory prediction means this is the perfect time to list your Santa Barbara home or condo, like the owners of my Luxury Lock & Go Ocean View Homelisting pictured above. housing supply would remain low for at least a few more months as a winter surge in Covid-19 cases discourages sellers from entering the market. READ: Housing Market Forecast: Predictions for 2021Īccording to Danielle Hale, ®’s chief economist, the current housing shortage has been building for years, saying, “…in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history.” She forecasted U.S. housing inventory since the summer and caused home prices to surge: up 13.4% year over year nationwide, and up 9.3% year-over-year right here in Santa Barbara. According to experts at ®, that’s the lowest number of listed homes in recent history. homes is driving the number of properties for sale to new lows in the United States. Nationwide, the number of homes for sale fell below 700,000 last month. ![]()
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