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Interest Rates | The Keenan Carter Group, Keller Williams Realty CC Blog

Wednesday, August 28, 2024   /   by Dick Keenan

Is Home Affordability Finally Starting To Improve?

In the past few years, many people have found it challenging to buy a home due to affordability issues. While it's still tough out there, there are signs that things might be getting a bit easier, with potential for further improvement as the year progresses. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), puts it this way:

“Housing affordability is improving ever so modestly, but it is moving in the right direction.”

Let's take a closer look at the three key factors that influence home affordability: mortgage rates, home prices, and wages.

1. Mortgage Rates

Mortgage rates have been quite volatile this year, fluctuating between the mid-6% to low 7% range. However, there's some positive news. Data from Freddie Mac shows that since May, rates have generally been on a downward trend.

This improvement in mortgage rates is partly due to recent economic, employment, and inflation data. While we can expect some ongoing fluctuations, expe. ...

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Wednesday, August 7, 2024   /   by Dick Keenan

Mortgage Rates Down a Full Percent from Recent Highs

Mortgage rates have been a major topic in the housing market due to their significant impact on affordability. If you're looking to buy a home, you've likely been waiting for rates to drop. Good news: the past few weeks have shown a promising decline in rates.

Mortgage Rates Trend Down in Recent Weeks

There's exciting news about mortgage rates. Following recent reports on the economy, inflation, unemployment rates, and comments from the Federal Reserve, mortgage rates have started to decrease. According to Freddie Mac, rates are now at their lowest level since February. Here's a visual representation of this downward trend:


You might be tempted to wait and see if rates will drop even further. However, it's important to keep things in perspective. The record-low rates from the pandemic are a thing of the past. If you're hoping for a 3% mortgage rate again, experts agree that’s unlikely. As Greg McBride, Chief Financial Analyst at Bankrate, explains:

"The hopes for lo. ...

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Wednesday, February 24, 2021   /   by Traci Pimentel

MARKET UPDATE: January 2021 Real Estate Recap

Market Update





Weekly San Luis Obispo County Numbers are in, as well as the California Association of Realtors January 2021 Report and First American Title Company's Central Coast January 2021 Recap.



Tight inventory is making 2021 a great year to list a home! It's important to remember that the housing market today is not the same as the housing market during the 'Bubble Years'. Lower mortgage rates and rising incomes correspond with higher house prices, strong demand and low inventory.

Winter months tend to show slowing in the Real Estate industry year over year. Mortgage rates are beginning to inch up, however the FEDs have indicated they don't intend to raise the National rate anytime soon. For buyers, NOW is the time to take advantage of these historical low rates while they last!

Despite possible improvement on the supply side of the market as we approach the Spring Selling Season, upward pressure on prices are continuing to build up. With current inve ...

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Wednesday, January 27, 2021   /   by Traci Pimentel

MARKET UPDATE: Home Prices, Home Sales and Interest Rates, OH MY!

Market Update





San Luis Obispo County hasn't seen much change with New Listings hitting the market in comparison to the previous couple weeks. We did see a nearly 13% increase in properties going Pending. With more than 15% less properties sold this past week, the uptick of escrows opened, and no influx of inventory hitting the market, we're still very much in a Seller's Market.

















A swell of buyers are looking to enter the market, keeping demand firm amidst the continued historically low interest rates. By the 4th quarter this year, experts are forecasting that refinance volume will decrease, largely because many will have already refinanced due to these low rates.




















In 2020, median listing prices grew 13.3%, according to Realtor.com. Experts forecast prices will stay on this upward track.
































Even if home prices rise as forecasted, that w ...

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Thursday, December 3, 2020   /   by Traci Pimentel

MARKET UPDATE: Inventory Crisis?

Market Update






We've seen greater than a 50% drop in inventory since mid-October.
With so few homes on the market, buyers have been grasping at straws.
Interest rates are still hovering at an all time low. With an upcoming shift in Presidency and so much uncertainty with Covid-19 cases surging, home buyers want to take advantage of the low rates while they last.




























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Fewer new sellers coming to the market while a greater than usual number of buyers continue to search for a home causes inventory to continue to evaporate. Historically, six m ...

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The Keenan Carter Group
Richard Keenan And Narlene Carter Keenan
350 James Way, Ste 130
Pismo Beach, CA 93449
805-773-7711
Keller Williams Realty Central Coast DRE# 02005015
The Keenan Carter Group DRE# 00860187
Each Office is Independently Owned and Operated.

Based on information from California Regional Multiple Listing Service, Inc. as of November 10, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
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