Mortgage Rates continued steadily lower today, adding to a string of improvements that brings them to their best levels in more than 2 weeks. Rates have now re-entered the narrow “post-Brexit” range that began shortly after the UK’s vote to leave the European Union sent rates plunging toward all-time lows.
Our current position is precarious in the bigger picture. Market movements (specifically, bond markets) underlie mortgage rate movement. When it comes to market movements a narrow range like that seen in the wake of Brexit is typically followed by a more convicted move in one direction or the other.
The direction tends to be that of the first major break of the range. Because the first major break was toward higher rates, we could say that markets are “breaking the rules” if rates now attempt to reenter the range and move lower.
Malibu Real Estate Market
Median home values have dropped slightly in the past year, to $2.5 million. But a flurry of sales during the summer has also shortened the median number of days on the market (DOM) for Malibu homes to 96. That is a big drop from a high of 143 in December. However, spring through summertime is usually the busiest time of year for real estate transactions. Therefore, the average DOM for a Malibu home normally lowers during the summer time.
The median closing price for Malibu homes is currently $2.2 million. There are currently 480 homes for sale in Malibu. This includes single-family, and condo/town homes.