Latest / Connor with Honor: AI, Real Estate and Real Life / Mortgage Rates Dropped to a 10 month low - Make sure you are not falling for some sort of Hook Rate Promise
Transcript
- 0:00SPEAKER_00: Good morning everyone.
- 0:01SPEAKER_00: Welcome to Santa Clara Open Houses Daily.
- 0:03SPEAKER_00: I'm Connor.
- 0:04SPEAKER_00: Here's your real estate snapshot for August 24th, 2025.
- 0:08SPEAKER_00: It is Sunday.
- 0:09SPEAKER_00: U.S.
- 0:09SPEAKER_00: housing market trends.
- 0:11SPEAKER_00: We have mortgage rates dropping to a 10-month low.
- 0:14SPEAKER_00: That is great news.
- 0:15SPEAKER_00: Mortgage rates have dropped.
- 0:16SPEAKER_00: Now, these levels you're going to have to check with your lender to make sure, but they are the lowest level since October of 2024.
- 0:23SPEAKER_00: That's offering a much needed bit of breathing room for buyers.
- 0:26SPEAKER_00: And you can look at businessinsider.com.
- 0:28SPEAKER_00: Now the reason why I'm not going to quote that rate is the rate is very dependent on your credit profile, debt-to-income ratio, lots of factors.
- 0:37SPEAKER_00: So it really would be ridiculous for me or even anybody else to really quote the rate.
- 0:41SPEAKER_00: But once you talk to your lender, they are lowest overall than they have been in 10 months.
- 0:46SPEAKER_00: So there's that.
- 0:47SPEAKER_00: All right, so price corrections in major cities.
- 0:49SPEAKER_00: We're seeing price corrections in once hot markets.
- 0:52SPEAKER_00: For example, Austin's median listings have dropped around 15%.
- 0:57SPEAKER_00: Miami's are also down roughly 19%.
- 0:59SPEAKER_00: This is over the past three years.
- 1:01SPEAKER_00: As far as inventory goes, we see that of an increase, especially in the South and West, leading to a more balanced market and of course more options for buyers.
- 1:10SPEAKER_00: Buyers' incentives are on the rise.
- 1:12SPEAKER_00: And here's the big takeaway: 44.4% of U.S.
- 1:16SPEAKER_00: home sales in quarter one of 2025 included seller concessions.
- 1:20SPEAKER_00: We're also seeing that here in the Santa Clarita Valley when it comes to buyers buying real estate.
- 1:25SPEAKER_00: That's near record levels and a sign that buyers have more negotiating power right now.
- 1:30SPEAKER_00: Of course, if you go to the different sites like Santa Clarita, openhouses.com, you can see more information.
- 1:36SPEAKER_00: Here in California, we have a lot going on.
- 1:38SPEAKER_00: Definitely, affordability is still a hurdle.
- 1:41SPEAKER_00: Only about 16% of Californians can actually afford a median priced home.
- 1:46SPEAKER_00: And high cost areas like San Mateo and Santa Clara, you're looking at needing over$450,000 in annual income to purchase a house.
- 1:55SPEAKER_00: Median prices here in Santa Clarita are somewhere in the nines,$940,000,$950,000.
- 2:01SPEAKER_00: Now there's a few things in the legislative side going on.
- 2:04SPEAKER_00: SB9 and SB 10, make sure you look into these.
- 2:08SPEAKER_00: But it looks like they allow for lot splits and duplexes in single-family homes, and SB10 allows for 10 units in transit-rich or infill areas.
- 2:17SPEAKER_00: It says both aim to boost housing supply and affordability.
- 2:20SPEAKER_00: Make sure you look into this because you know how we're fed a bunch of crap sometimes by the government at large, depending on whatever side you're on.
- 2:28SPEAKER_00: But it looks like after the fires, nothing's really been rebuilt, although there have been promises, and it seems like there's some kind of movement to make that area low income housing.
- 2:38SPEAKER_00: And I'm not sure what all that means.
- 2:40SPEAKER_00: That wraps up your snapshot for today.
- 2:42SPEAKER_00: Whether you're buying, selling, or just curious, I will definitely keep you in the know.
- 2:46SPEAKER_00: Please go to Santa ClaritaOpenhouses.com to see more information.
- 2:49SPEAKER_00: I'm Connor with honor, and we will see you in the next one.
- 2:52SPEAKER_00: Thanks for watching.