Mortgage Market Survey: 7/21/16

Having dipped to within 10 basis points of an all-time low, the average rate for a benchmark 30-year mortgage ticked up 4 basis points to 3.45 percent over the past two weeks but remains 59 basis points below the 4.04 percent average rate in place at the same time last year and 52 basis points below the 3.97 percent rate in place prior to the Fed’s first rate hike in December.

At the same time, both existing home and new condo sales in San Francisco have been slowing while inventory and price reductions are on the rise, emerging trends we first spotted last year.

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