Mortgage Rates Continue to Fall

The current state of residential mortgage rates in Southern California as of December 01, 2023 shows a diverse range of rates based on different loan types, but they continue to creep down.

The average rate for a 30-year mortgage has recently decreased to 7.22%, marking the lowest level in 10 weeks from a previous low rate of 7.19%​​.

Fox Business reports that the interest rate for a 30-year fixed-rate mortgage stands at 7.000% as of December 1, 2023.  NerdWallet provides a similar figure, stating that the mortgage rate in California for a 30-year fixed mortgage is 6.994%, for a 15-year fixed mortgage is 6.101%​.

These rates are influenced by a variety of factors, including economic conditions, central bank policies, inflation, and the overall housing market dynamics in Southern California.

Borrowers looking for mortgages should be aware of these varying rates and consider consulting with financial advisors or mortgage brokers to get the most suitable rate based on their financial situation and housing needs.

I believe this downward trend will continue.  Let’s see if I’m right.

Manny Barba
Broker-Attorney-Realtor®
951-990-3998
mail@mbliverealty.com
MB Live Realty, Inc.
www.mbliverealty.com