More than 2 million U.S. homes no longer require a jumbo loan, according to a new analysis by Zillow Home Loans. This means customers will have additional available inventory that is covered by a more accessible financing option.
According to the California Association of Realtors, housing demand in California continued to fall sharply as rising interest rates further dampened the state's housing market in November 2022. California's home sales registered the lowest annualized pace since October 2007 and the largest year-over-year sales drop in at least the past four decades.
The State of California's housing market continued shifting in October 2022 as the monthly average 30-year fixed rate mortgage hovered near 7 percent and led to the lowest sales level since February 2008 and the largest year-over-year decline since December 2007, outside of the pandemic.
According to the California Association of Realtors, rapidly rising U.S. mortgage rates and economic uncertainty slowed California home sales in September 2022.
Posted on March 23, 2022