California Association of REALTORS Market Minute for March 21st
n 40 years. The move, along with the narrative, prompted interest rates to climb, with the average 30-year fixed rate mortgage surging above 4% for the first time since May 2019. Higher rates and the ongoing geopolitical conflicts will no doubt create challenges for the economy and the housing market for the rest of the year. Despite recent rate increases, the latest housing report suggests that the market is still strong, and the momentum could continue in 2022. With new and existing housing supply expected to improve in the near term, California will likely experience a solid homebuying season in the upcoming months.
