Mortgage rates rose sharply this week, after pulling back over the last three weeks.
The 30-year fixed hit 5.36% Monday and then moved higher again Tuesday to 5.47%, according to Mortgage News Daily. Volatility in global markets Monday sent bond yields higher. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury.
While both home sales and mortgage demand are falling, home prices are still rising fast. Prices usually lag sales by about six months, but the rare dynamics in the market today – strong demand and very low supply – are still keeping prices high.
Santa Monica Market Update | May 2022
Single Family Homes
Down -29%
from May 2021
No Change
Down -37.9%
from April 2022
Condos/Townhomes
Up 9.9%
from May 2021
Up 8.9%
from May 2022
Down -10.3%
from April 2022
Food Obssession of the Month
Butter Pecan Keto Ice Cream
It's so good that it can't be less than 2 Net Carbs per scoop...
- ¾ cup - Raw Pecans
- 9 tbsps - Salted Butter
- 9 tbsps - Confectioners Swerve
- 21 oz - Heavy Cream
- 1 ½ teaspoon - Pure Vanilla Extract
- 12 tbsps - Allulose
- Seeds from the ¼ of a Vanilla Bean
Local Happenings
Live Music, Food, and Fun Event Supporting Local Animal Shelter This Weekend!
Saturday, June 4, 12pm - 3pm
Santa Monica Animal Shelter Foundation is hosting an open house event to raise money for much-needed services and supplies directly benefiting local animals.
The perfect way for families to have an uplifting theatre outing, this Rudie-DeCarlo musical reminds us to believe in the power of imagination and relish in the chance to create our own happily-ever-afters. Finding Belle encourages us to make a difference in our world - big or small - with the help of some special fairytale friends.
Lifestyle Tips & Tricks
Does your garage need a little TLC or a total refresh for better curb appeal? Use these garage remodeling ideas to revamp the space with added style. From quick spruce-ups to major updates, there's a garage remodel project for every budget.
Father's Day falls on a Sunday for a reason: brunch! Celebrate Dad with all the mid-morning decadence he deserves by making savory and sweet brunch recipes that are sure to wow. Just don't let him do the dishes. It's his day!
