Santa Monica Monthly – April 2026

Mortgage Rates Edge Higher, but Remain Below Last Year’s Levels

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Recent fluctuations in mortgage rates may be causing some buyers to hesitate, even though borrowing costs are still relatively manageable.

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After briefly dipping below 6% about a month ago, mortgage rates have started to climb again. Despite the increase, they remain lower than they were at this time last year, offering some continued relief for buyers hoping to improve affordability.

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However, ongoing uncertainty may be affecting demand. Mortgage applications for home purchases—often viewed as an early signal of buyer activity—have slowed compared with the strong double-digit gains recorded earlier in the year. In the most recent week, purchase applications increased 1% compared to a year ago but declined 3% from the previous week, according to the Mortgage Bankers Association.

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Data from Freddie Mac shows the average rate for a 30-year fixed mortgage reached 6.46% this week.

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Mike Fratantoni, chief economist at the Mortgage Bankers Association, noted that applications for FHA and VA loans are continuing to perform somewhat better than those from conventional buyers. Still, he added that the recent rise in rates, along with broader economic uncertainty, appears to be affecting buyer confidence.

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Source: nar.realtor

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Food Obsession of the Month

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Carrot Cake Bread

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Move over, banana bread—this spring, carrot cake bread is stealing the spotlight. Packed with warming spices and just the right amount of shredded carrots, it’s like carrot cake in a quick bread form—perfect for any occasion, any time of day. A generous layer of cream cheese frosting takes it from a breakfast treat to an Easter dessert showstopper.

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Source: Delish