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Mortgage rates drop for 3rd consecutive week
After rising sharply for nearly two months straight, Freddie Mac’s average 30-year fixed-rate mortgage has dipped for the past three weeks in a row. Last week, the average was 7.44%, which is down by roughly 35 basis-points from its high of 7.79% at the end of October.
California nets 40K jobs, but unemployment claims rise
California job growth re-accelerated in October as the Golden State added 40,200 net new jobs even as the unemployment rate ticked up to 4.8%. The jobs data is collected in a separate survey from the unemployment data, and the two sources have been disagreeing of late.
Home sales relatively flat in October amidst higher rates
Sales of existing single-family homes in California continued to be soft in October as the cost of borrowing remained elevated. On an annualized basis, there were more than 240,000 transactions statewide, which was slightly higher than September, but remains near the winter lows reached in 2022.
Mortgage applications remain depressed, but declines slowing
The pace of recent declines has slowed and last week was the first time new applications were down by less than 20% for the first time since October as rates have moderated slightly.
Credit card debt tops $1 trillion
Beginning in August, credit card debt in the United States has reached an all-time high of more than $1 trillion in outstanding debt at commercial banks.
California mortgage delinquencies remain low
Although these low rates are likely to continue to weigh on transactions as existing homeowners remain reluctant to walk away from their current mortgages, it is helping to prevent a surge in delinquencies that would be needed to precipitate another foreclosure crisis.Â
SOURCE : California Association of Realtors