In the past 30 days, on June 17, 2026, we have seen the U.S. and Iran enter into a 14 point truce agreement - that was intended to transition into a long lasting agreement – quickly dissolve as soon as the ink was dry. Despite this set back, the parties are now engaged in further peace talks with hopes of a final peace treaty.
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On May 22, 2026, Kevin Warsh was officially sworn in as Jerome Powell’s replacement as the Chair of the Federal Reserve. While Warsh has been outspoken about his plans to reduce the Federal funds rate among other critical changes, the on-going Iran War has tempered his plans for now.
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Over the past 30 days, the mortgage market has been taken for quite a ride. We saw mortgage rates rise sharply as oil prices spiked and inflation fears intensified.
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At the last Federal Reserve board meeting on March 17-18, as expected, they voted to maintain rates. While we expected the Fed to not change the Federal Funds rate, the newest consideration was not on their radar at the last meeting - the Iran War.
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At the last Federal Reserve board meeting, they voted to maintain rates as expected. Whether the Fed will vote for a rate cut at their next meeting remains to be seen.
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As predicted last month, with rates coming down and a fresh start to this year, mortgage application volume jumped significantly in early January with refinance applications up 40% and overall mortgage applications up 28% compared to recent weeks. 30-year mortgage rates are trending lower, with the national average hitting ~6.06% "," the lowest in over three years.
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Heading into 2026, the housing market is showing encouraging signs for both buyers and homeowners. Recently, the average 30 year fixed mortgage rate hovered between 6.3% to 6.4% for Los Angeles County, the lowest levels seen all year.
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As we head into the final stretch of the year, the real estate market has been showing encouraging signs of strength, despite disappointing news on interest rates. Purchase demand is now hovering near its strongest point since January 2023, a promising sign of buyer confidence.
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This past month of October saw our federal government come to a standstill. The shutdown occurred as lawmakers could not come to an agreement on the fiscal budget.
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DID YOU KNOW that the most searched question last month relating to mortgage rates was, "Will mortgage rates go down?" The search was prompted by the highly anticipated September 17th meeting of the Federal Reserve Board.
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Many in the housing and lending industry are anxiously awaiting the next move by the Federal Reserve at their upcoming meeting on September 17th. The Fed has kept rates unchanged since December, 2024 when they last provided a slight 25 bps rate cut after growing political and social pressure.
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