The number of homes listed for sale in California is on the rise and last month saw the largest jump in more than a year amid heightening home prices in the state, according to data from the California Association of Realtors (CAR).
The latest inflation report, released this week, shows that inflation came in higher than expected in March, indicating that the stubborn issues that have plagued the economy for the past couple of years are still far from resolved. This unwelcome news then caused mortgage rates to climb in tandem, pushing the average 30-year mortgage rate above the 7% mark.
WASHINGTON (AP) — Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year.
Californians are facing yet another setback on the housing front after a major insurer said it is pulling out of 72,000 home-insurance policies—and the insurance industry’s steady retreat from the state could have a serious effect on home prices and sales, experts say.
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Regardless, rates remain elevated near 7% as markets watch for signs of cooling inflation, hoping that rates will come down further.”