Newsletter: How low can rates go and how do housing numbers look?

This coming week marks the official start of fall! And speaking of fall, we have seen rates continue to fall to absolute record lows. We just covered how low rates have gone and some of the unintended consequences of this low rate. If you have a 1.99% mortgage are you ever going to want to sell or refi out of that low, low rate? We expect a certain amount of inventory to be frozen in this trap in the decades to come. It’s been a popular request, so we’ll make sure we do another video with exactly where jumbo rates are right now.

Is 1.99% the lowest and best mortgage rate?

Exclusively for newsletter subscribers, this week we have the latest stats on mid-September housing numbers. In both LA and OC, the single-family sales aren’t slowing and inventory remains tight. Traditionally, this time of year sales will start to slow through the holidays, but we’re still seeing year over year pending sales 30%+ higher. OC and LA multifamily tells a different tale, pending sales and inventory numbers are stable, but not seeing the same record setting sales pace that single family markets are.

We’ve also included the latest foreclosure numbers for August and Notices of Default (NOD) are way up. The earliest that a Notice of Default is filed when a payment is missed is 120 days after. Subtracting 120 days from August means that the payment was missed in April. Due to the foreclosure moratorium that many lenders put in place, we don’t expect to see a big surge in these numbers…yet.

Los Angeles & Orange County Housing Market Update - mid-September 2020

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