Palos Verdes Blog

March 5, 2021

The Federal Reserve’s impact on mortgage rates

The Federal Reserve’s impact on mortgage rates

The Federal Reserve (the Fed) dropped their benchmark rate, the Federal Funds rate, to zero in April 2020. This rate is a monetary policy tool the Fed uses to induce and restrain levels of short-term borrowing in our economy. During business recessions, the Fed drops the target Federal Funds rate ...

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March 2, 2021

Current market rates

The average 30-year fixed rate mortgage (FRM) rate increased again in the week ending February 26, 2021, to 2.97%. The average 15-year FRM rate also jumped, to 2.34%. FRM rates are now rising from the record lows reached through the Federal Reserve’s (the Fed’s) efforts to stimulate lending ...

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March 1, 2021

NATIONAL MARKET UPDATE

 

NATIONAL MARKET UPDATE

We got an upside surprise, as New Home Sales rose 4.3% in January to a 923,000 annual rate. This second consecutive month of gains took sales 19.3% ahead of last year, while inventories grew by 8,000 units.

In spite of hitting ...

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Feb. 26, 2021

Should I pay off my mortgage early?

If you're wondering whether early mortgage payoff is right for you, there are a few important questions you should ask yourself first about your financial situation. Also, look into how refinancing can help you erase your mortgage quicker. (iStock)

Determining whether to pay off your mortgage early can ...

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Feb. 24, 2021

Homebuyer demand continues to outpace inventory for sale

As we make our way through yet another slow year for home sales, multiple listing service (MLS) inventory is emerging as a key component in California’s housing market.

Inventory for sale is at its lowest in recent memory, averaging 16% below a year earlier as of December 2020, weighted ...

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Feb. 22, 2021

Homes selling, more on the way

 
 

 

NATIONAL MARKET UPDATE

January Existing Home Sales edged up to a 6.690 million annual rate, every major region posting 20%+ gains the past year. 71% of homes flew off the market in less than a month, dropping inventories 25.7% below last year.

Builders are making ...

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Feb. 19, 2021

What is a Homestead Exemption?

What is a Homestead and what does it do?  

A homestead protects a homeowner from losing their home due to creditors. For example, if you are sued for money in court and lose the case, the person who sued you will receive a judgment against you from court. If ...

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Feb. 17, 2021

New Market Update

 

NATIONAL MARKET UPDATE

 

 

Realtor.com says to expect a hot spring, with buyer demand and sales up, price growth stable but high, though new listings lag. Their Housing Market Recovery Index moved north last week, staying above its pre-pandemic baseline. 

An online real estate database reports ...

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Feb. 12, 2021

5 Tax Perks Homeowners Should Know

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Homeownership tends to come with benefits. But some of the most appealing (at least financially speaking) are the tax perks.

Once you become a homeowner, you qualify for a number of deductions, credits and other tax breaks you couldn’t have previously, and they could save you a significant amount of ...

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Feb. 10, 2021

Current market rates

The average 30-year fixed rate mortgage (FRM) rate remained level in the week ending February 5, 2021, at 2.73%. The average 15-year FRM rate also remained roughly level, at 2.21%. FRM rates recently dropped to record lows due to efforts to stimulate lending during today’s recession. Beginning in ...

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