Elena Zimina's Real Estate

AVERAGE US RATE ON 30-YEAR MORTGAGE EDGES UP TO 3.68 PERCENT Source:  Associated Press   It was the second straight weekly increase for long-term loan rates, which had declined since the start of the year amid global economic anxiety and market turbulence. It was only the second time this year that rates rose. Mortgage buyer Freddie Mac said the average rate on a 30-year, fixed-rate mortgage edged up to 3.68 percent from 3.64 percent last week. The average rate on 15-year fixed-rate mortgages increased to 2.96 percent from 2.94 percent last week. That being said, rates still remain at historically low levels at the start of the spring home buying season.

HOW HOUSING PRICES ARE DRIVING LOW, MIDDLE-INCOME FAMILIES OUT OF CALIFORNIA Source:  Pasadena Star-News High housing costs are pushing many people out of the state of California, despite higher wages and job growth, according to a new report from Beacon Economics. The report notes that 625,000 more U.S. residents left California between 2007 and 2014 than moved into the state. The vast majority ended up in Texas, Oregon, Nevada, Arizona, and Washington. Higher-wage workers continue to move in, which argues against the theory that high taxes are driving people away. Christopher Thornberg, a founding partner with Beacon, commented, “California has an employment boom with a housing problem. The state continues to offer great employment opportunities for all kinds of workers, but housing affordability and supply represent a significant problem.” In 2014, California ranked 49th in homeownership, with only 53.8 percent of homes being owner-occupied.