U.S. Mortgage Rates Dip in Mid-November

According to Freddie Mac’s latest Primary Mortgage Market Survey, the average U.S. mortgage rate slightly dipped across the board.

Sean Becketti, chief economist of Freddie Mac said, “After holding steady last week, rates dipped slightly this week. The 10-year Treasury yield fell roughly 7 basis points, while the 30-year mortgage rate dropped 4 basis points to 3.90 percent.”

Freddie Mac News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.4 point for the week ending November 9, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.

• 15-year FRM this week averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 5-year ARM averaged 2.88 percent.

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I wanted to share some perspective of new home sales and new home construction pipeline for the balance of this year, and the next couple years in the Beach Cities. Check out the short video & feel free to reach out with any questions, or any real estate needs!

The much-anticipated sale of Toyota’s sprawling Torrance campus has officially closed, turning over the keys to Irvine-based Sares-Regis Group, which anticipates redeveloping the entire 110-acre site.

No purchase price was disclosed for the sale, which closed escrow closed Tuesday.

Privately held Sares-Regis plans to redevelop the 16 separate parcels using the same approach it employed at the former McDonnell Douglas-Boeing site north of Long Beach Airport.

Read full article HERE

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$4 billion state parks bond measure could help Redondo Beach acquire open space at AES site

All over the South Bay, you can almost feel the excitement of the season growing. Maybe the most in Redondo Beach as they are preparing for the successful passing of Senate Bill 5. This bill will hopefully provide some funding for major upgrades to the AES power plant. The current plan is to turn it into additional parkland in the beach city.

Get full market update by clicking HERE

“Hermosa Beach will temporarily permit residents of commercial areas to rent out their homes to vacationers on sites like Airbnb.com — even as it fights a court challenge to its outright ban on them in most neighborhoods.”

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Announcing our new monthly newsletter: Polished. Click HERE for a ton of information, including a 2017 National Housing Forecast.