Market Update - Ch-Ch-Ch-Changes
Affordability is beginning to affect the housing market and as rates rise, new trends are emerging and in the latest Orange County Housing Report, Steven Thomas breaks down the recent trends that are leading to changes in our market. You don't want to miss this one!
A quick glance at where we are with the market this week:
#1 - Interest Rates
Rates as of 4/4/2022
*30 year conventional mortgage average: 4.750%
*15 year conventional mortgage average: 4.125%
*Jumbo/Portfolio 30 year: 4.250%
*Jumbo/Portfolio 15 year: 3.750%
*If you wanted to buy a home for: $1,000,000
Down payment (20%): $200,000
Est. monthly mortgage payment: $5,507/month for 30 years
Est. monthly mortgage payment: $7,302/month for 15 years
Est. monthly mortgage payment: $5,270/month for Jumbo/Portfolio loan 30 year
Est. monthly mortgage payment: $7,152/month for Jumbo/Portfolio loan 15 year
#2 Real Estate Market Snapshot for Huntington Beach as of 4/42022
* There are 34 new homes on the market in the last week in Huntington Beach for a total of 89 active listings!
* 28 properties went under contract in the last week.
* Median list price is $1,299,000.