Santa Monica Monthly – October 2024

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Mortgage Rates Dip to 6.08%—the Lowest in Two Years: ‘Buzz in the Market’

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In the week ending Sept. 26, mortgage rates saw a slight decrease, moving from 6.09% to 6.08% for a 30-year fixed-rate loan, according to data from Freddie Mac.

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“While the drop is minimal, the 30-year fixed-rate mortgage has now reached its lowest point in two years,” noted Sam Khater, Freddie Mac’s chief economist. This recent dip is encouraging more homeowners to refinance, potentially lowering their monthly payments. On the other hand, potential buyers are keeping a close eye on rates, hoping for further declines as upcoming economic reports are released.

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Following the Federal Reserve's rate cut last week—the first since 2020—the market is buzzing with anticipation, according to Hannah Jones, senior economic research analyst at Realtor.com®.

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Food Obsession of the Month

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Best Pumpkin Pie

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This autumn dessert is a classic, but achieving the perfect version can be a challenge. This well-tested recipe captures every essential element, from the flaky, buttery crust to the rich, pumpkin-filled filling that embodies all the cozy flavors of fall.

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Source: Delish