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Mortgage rates continued to trend down this week, hitting their lowest level in over a year. At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.
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What is the housing market like right now?
In September 2025, home prices in California were up 2.0% compared to last year, selling for a median price of $831,600. On average, the number of homes sold was up 9.2% year over year and there were 24,430 homes sold in September this year, up 22,364 homes sold in September last year. The median days on the market was 47 days, up 11 year over year.
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