Mortgage rates are beginning to trend down after hitting a 20-year high and experts believe there could be a renewed interest for prospective home buyers to return to the market this spring.

Interest rates for 30-year fixed mortgages peaked in November at 7.08%. The last time rates reached more than 7% was in April of 2002, according to Freddie Mac, a private but government sponsored corporation that packages mortgages for investors to purchase. Meanwhile, home prices have slowed for the seventh straight month, a year-over-year increase of 7.7%, down from 9.2% in November, the slowest growth increase since September 2020, according to CoreLogic, which tracks housing and mortgage data.

(650)344-5200, ext. 105

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Thank you for visiting the Daily Journal.

Please purchase an Enhanced Subscription to continue reading. To continue, please log in, or sign up for a new account.

We offer one free story view per month. If you register for an account, you will get two additional story views. After those three total views, we ask that you support us with a subscription.

A subscription to our digital content is so much more than just access to our valuable content. It means you’re helping to support a local community institution that has, from its very start, supported the betterment of our society. Thank you very much!