Mortgage rates have ticked up recently despite the Federal Reserve's recent rate cut.
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Brandon Bell
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Getty Images
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Topline:
Mortgage rates have jumped, despite the Federal Reserve cut interest rates by a half-point last month. What does this mean for homebuyers?
Why it matters: For homebuyers, the ever-shifting rate environment can foster uncertainty: Is it better to wait for mortgage rates to fall, or start looking now?
What to do now: Experts advise against trying to time the market — including when it comes to buying a home. That's for two reasons.
First, if you buy a home and then mortgage rates do fall, you can refinance your mortgage and take advantage of the lower rate. But if you wait and rates go up, it just gets harder to afford a home.
So where are mortgage rates headed? That's difficult to answer, since mortgage rates are affected by so many factors. But there's one thing that experts generally agree on: They likely won't go anywhere near the levels of a few years go.
The best time to shop: This makes fall a good time to shop: less competition can mean lower prices and more ability to negotiate.
Seasonality for home buying has real impact, picking up in spring, peaking in June. Then, it slows in late summer through fall, reaching it's slowest during winter.
You might expect that mortgage rates would be falling right now after the Federal Reserve cut interest rates by a half-point last month.
Instead, mortgage rates jumped higher. The latest data from Freddie Mac showed that the average 30-year mortgage rate had increasedto 6.4%, more than a quarter-point higher than it was two weeks ago.
The news is probably an unwelcome surprise to the folks who had been hoping for lower interest rates to finally come off the sidelines and start shopping for a home.
Here’s what’s going on — and what it means for those trying to buy a home now.
The Fed doesn’t set mortgage rates
Here's the thing: The Fed can influence mortgage rates but it doesn't set them.
Instead, mortgage rates mainly follow a different number: the yield on 10-year Treasury bonds. That yield has gone up recently for a number of reasons, including because investors are expecting the Fed to be a little more cautious in cutting rates after the jumbo-sized cut last month.
But it's not just the 10-year Treasury yield influencing mortgage rates.
The mortgage lender needs to cover its costs and make a profit, so it adds its own percentage on top, for example. And the specific mortgage rate that you get will depend on your own factors, like your credit score and the size and type of loan you’re getting.
That said, despite the recent uptick, mortgage rates are still more than a full point lower than they were this time last year, falling as investors anticipated the Fed's rate cuts and factored those into the 10-year Treasury yield.
The lower mortgage rates compared to a year ago have been good for some homeowners. Lots of people have taken advantage to refinance their mortgages if they bought their homes in the last couple of years, when rates were higher.
The lower rates available now mean those homeowners can potentially save hundreds of dollars a month if they refinance.
Mortgage rates have ticked up slightly in October
Weekly average for a 30-year fixed-rate mortgage
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Juweek Adolphe and Alyson Hurt/NPR
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Freddie Mac
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Where mortgage rates go from here
So where are mortgage rates headed? That's difficult to answer, since mortgage rates are affected by so many factors.
But there's one thing that experts generally agree on: They likely won't go anywhere near the levels of a few years go.
In 2019, for example, rates for a 30-year fixed-rate mortgage ranged from about 3.75% to 4.5%. And they dropped to as low as 2.65% in early 2021 as the pandemic wore on.
Many forecasts have rates near 6% at the end of this year — and falling to about 5.8% next year.
“I think the new normal is maybe 6% mortgage rate,” says Lawrence Yun, the chief economist at the National Association of Realtors. “If we are lucky, maybe we get to 5.5% mortgage rate. Or if we are unlucky, maybe the mortgage rate trends back up towards 7%.”
But Yun is confident one of thing: The days of 3% and 4% mortgage rates are over — at least in his lifetime, he says.
So what to do now?
For homebuyers, the ever-shifting rate environment can foster uncertainty: Is it better to wait for mortgage rates to fall, or start looking now?
Experts advise against trying to time the market — including when it comes to buying a home. That's for two reasons.
First, if you buy a home and then mortgage rates do fall, you can refinance your mortgage and take advantage of the lower rate. But if you wait and rates go up, it just gets harder to afford a home.
Yun says that even people who bought homes at much higher mortgage rates — like 15% in the early 1980s — have typically had those purchases turn out well, because of rising home values and the ability to refinance as rates fell.
How's the housing market looking? There's some good news
Here's a positive development for buyers: There's more inventory now. The number of homes for sale in September was 6.4% higher than a month earlier and 33.6% above a year ago, according to a report from the brokerage RE/MAX, which looked at single-family homes in 52 markets.
Meanwhile, the days a house stays on the market have been increasing — suggesting the market is getting a bit less competitive.
"I think there is more opportunity for buyers to get in there,” says Sara Briseño Gerrish, a real estate agent at RE/MAX Unlimited in San Antonio.
And there's another indicator showing fewer buyers to compete against: The number of people applying for mortgages has fallen for three straight weeks (though it's still 7% above this time last year).
But home prices remain high
Mortgage rates aren’t the only factor affecting the housing market: Home prices matter too. And, unfortunately for buyers, those remain high.
The median home price has risen about 50% since early 2020, with a major spike during the pandemic. The price increases have slowed, but prices haven't really dropped. The median existing-home sales price in August was $416,700, about 3% higher than a year earlier — showing the stickiness of high prices.
The median home price has risen almost 50% over the last 5 years
Median sales price for all homes, by month
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Juweek Adolphe and Alyson Hurt/NPR
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National Association of Realtors
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The season also has an impact. Homebuying picks up in the spring and peaks in June as warm weather and the end of the school year encourage people to shop. The market typically slows in late summer and throughout the fall, reaching its slowest period during the winter.
That can make fall a good time to shop, that is, ifyou can find a home that fits your needs: Less competition can mean lower prices and more ability to negotiate.
Fannie Mae is predicting that home sales could be 10% higher next year, coming off the very low levels we’ve been seeing. But it could be spring before the market really picks up.
Cesar Becerra Jr. happily receives a gift from church members at Rock of Salvation.
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Jonathan Olivares
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Boyle Heights Beat
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Topline:
If you’re looking to donate, volunteer or find ways to give back, we’ve rounded up a list to help you get started.
Why now: With the holiday season underway, organizations across Boyle Heights and East LA are seeking volunteers to help distribute food, assemble bicycles, sort toys and sponsor families in need.
Local food distributions: The Weingart East LA YMCA hosts a food distribution every Monday and Wednesday to ensure families have access to nutritious meals. Volunteers are needed for each food distribution from 8:45 a.m. to noon.
Read on ... for other ways to give back on the Eastside.
This story was originally published by Boyle Heights Beat on Nov. 25.
With the holiday season underway, organizations across Boyle Heights and East LA are seeking volunteers to help distribute food, assemble bicycles, sort toys and sponsor families in need.
If you’re looking to donate, volunteer or find ways to give back, we’ve rounded up a list to help you get started.
Build bicycles and organize donations at a toy giveaway
The Weingart East LA YMCA is hosting its 19th Annual Toy Giveaway on Dec. 18, and volunteers are needed to help prepare toys and provide support. Before the event, volunteers can help by assembling bicycles and sorting and organizing toys on Dec. 17 from 9 a.m. to 12 p.m. Volunteers are also needed to assist on event day from 3:30 p.m. to 8 p.m.
The Weingart East LA YMCA hosts a food distribution every Monday and Wednesday to ensure families have access to nutritious meals. Volunteers are needed for each food distribution from 8:45 a.m. to noon.
Mercado al Aire Libre, which started earlier this month, provides families with free, fresh and seasonal produce on the first and second Wednesdays of every month at its farmers-market-style food distribution. The mercado takes place from 10 a.m. to noon on the first Wednesday of the month and from 4 p.m. to 6 p.m. on the second Wednesday. The next mercado will be on Dec. 3.
Address: Salesian Family Youth Center, 2228 E. Fourth St., Los Angeles
How to volunteer: Those interested in volunteering can reach out to Celene Rodriguez by phone at (323) 243-5758 or email at celene@visionycompromiso.org.
Drop off toys at First Street businesses
LAFC’s Expo Originals supporters group is collecting new, unwrapped toys and Venmo donations ahead of its annual community toy drive Dec. 14. Venmo contributions will go toward toy purchases, and the last day to donate is Dec. 6. Toys can be dropped off in person at the locations below until Dec. 13.
Proyecto Pastoral is collecting new jackets to keep its participants at the Guadalupe Homeless Shelter warm.
Where to donate: Jackets can be dropped off at the Proyecto Pastoral office located at 135 N. Mission Road from 9:30 a.m. to 5 p.m.
Sponsor a family, child or classroom ahead of the holidays
Proyecto Pastoral has many opportunities for the community to give back during its Holiday Drive this year. Those interested in fulfilling holiday wishes for a family, child or classroom have until Dec. 1 to register. Proyecto Pastoral will pair sponsors with community members in need to fulfill items from their wish list.
Individual toys also can be dropped off at Proyecto Pastoral’s office. The toys will be distributed to children who participate in Proyecto Pastoral’s youth programs at their end-of-year celebrations.
Makenna Sievertson
breaks down evolving policies and programs with a focus on the housing and homelessness challenges confronting some of SoCal's most vulnerable residents.
Published November 25, 2025 2:51 PM
California Attorney General Rob Bonta during a news conference Aug. 2.
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Myung J. Chun
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Getty Images
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Topline:
Greystar, which manages hundreds of properties in California, has agreed to pay $7 million to settle a lawsuit alleging the company and other landlords used a price scheme to raise rents artificially high.
Background: In January, Greystar was named as a defendant in an antitrust lawsuit filed by California Attorney General Rob Bonta, the U.S. Department of Justice and several other states against software company RealPage, which officials say uses algorithmic models to recommend price increases to subscribers.
Bonta alleges that Greystar used RealPage’s system to coordinate rental prices with other landlords by illegally sharing and gathering confidential information. According to his office, RealPage’s “price alignment scheme” affected rentals across the country, especially in multifamily buildings in Southern California, including in Los Angeles, Orange County and San Bernardino.
The settlement: Bonta announced last week that, as part of the settlement, Greystar has agreed to stop using software that uses competitively sensitive information to set rent prices, including from RealPage.
The company has also agreed to cooperate in the federal prosecution of RealPage and the other landlords named as defendants, such as Camden and Willow Bridge.
Greystar statement: Greystar told LAist that it’s “pleased this matter is resolved,” and the company “remain[s] focused on serving our residents and clients.”
Go deeper ... for more information on the case.
Greystar, which manages hundreds of properties in California, has agreed to pay $7 million to settle a lawsuit alleging the company and other landlords used a price scheme to raise rents artificially high.
In January, Greystar was named as a defendant in an antitrust lawsuit filed by California Attorney General Rob Bonta, the U.S. Department of Justice and several other states against software company RealPage, which officials say uses algorithmic models to recommend price increases to subscribers.
Bonta alleges Greystar used RealPage’s system to coordinate rental prices with other landlords by illegally sharing and gathering confidential information. According to his office, RealPage’s “price alignment scheme” affected rentals across the country, especially in multifamily buildings in Southern California, including in Los Angeles, Orange County and San Bernardino.
"Whether it's through smoke-filled backroom deals or through an algorithm on your computer screen, colluding to drive up prices is illegal,” Bonta said in a statement. “Companies that intentionally fuel this unaffordability by raising prices to line their own pockets can be sure I will use the full force of my office to hold them accountable.”
Details on the settlement
Greystar is the largest landlord in the U.S., according to the Department of Justice, managing nearly 950,000 rental units across the country. In California, the company manages about 333 multifamily rental properties that use RealPage’s pricing software, according to Bonta’s office.
Bonta announced last week that as part of the settlement, Greystar has agreed to stop using software that uses competitively sensitive information to set rent prices, including from RealPage.
The company also has agreed to cooperate in the federal prosecution of RealPage and the other landlords named as defendants, such as Camden and Willow Bridge.
Greystar said in a statement to LAist that it’s “pleased this matter is resolved” and the company “remain[s] focused on serving our residents and clients.”
Settlement with RealPage
The U.S. Justice Department’s Antitrust Division filed a proposed settlement with RealPage on Monday to resolve its claims against the company.
If the settlement is approved by the court, RealPage would be required to stop using competitors’ private, sensitive information to set rental prices and remove or redesign features in its software that limited price drops or aligned prices between competitors, according to the Justice Department.
RealPage also would be required to cooperate in the lawsuit against property management companies that have used its software and agree to a court-appointed monitor to make sure it complies with the proposed settlement.
Dirk Wakeham, president and CEO of RealPage, said in a statement Monday that the proposed resolution marks an important milestone for the company and its customers.
"We are pleased to have reached this agreement with the DOJ, which brings the clarity and stability we have long sought and allows us to move forward with a continued focus on innovation and the shared goal of better outcomes for both housing providers and renters,” Wakeham said.
RealPage denies any wrongdoing, attorney Stephen Weissman said in a statement.
Kavish Harjai
writes about transportation policy in L.A.
Published November 25, 2025 2:29 PM
One of the appeals partially accepted stemmed from a road safety project the city completed on Hollywood Boulevard last year.
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Courtesy of Los Angeles Department of Transportation
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Topline:
On Monday, Los Angeles officials considered claims that it did not install Measure HLA-mandated mobility upgrades where it should have. But the Board of Public Works rejected most of the claims, meaning the city maintains its position that it has been doing road work largely in accordance with Measure HLA. It was the first hearing of its kind since the city began accepting appeals this summer.
Measure HLA: The ordinance requires the city to install mobility upgrades, like bike lanes and pedestrian signal improvements, when it resurfaces at least one-eighth of a mile of certain streets throughout the city. As of August, L.A. city residents can file appeals claims to the Board of Public Works explaining why they think the city was not complying with Measure HLA. For more instructions and an explanation on that process, you can read LAist’s story here.
First round of appeals: The Board of Public Works partially sided with the appellant in one appeal and rejected the other six. Joe Linton, in his capacity as a resident and not as editor of Streetsblog L.A., filed all the appeals heard on Monday. “It’s the very first time, so we’re kind of throwing a lot of spaghetti at the wall and seeing what sticks,” Linton told LAist. “Not a lot stuck.”
One appeal approved: Linton partially won his appeal claiming the city did not adequately install pedestrian improvements along a nearly half-mile portion of Hollywood Boulevard that it resurfaced last year. The city said it will publish an “appeals resolution plan” to fix sidewalks there within the next six months. “It was really obvious to me that the city’s justification … was not true, so I was glad that that was acknowledged,” Linton said.
Most rejected: In the other six appeals, the Board of Public Works agreed that the city’s work was properly exempted from Measure HLA because it only involved restriping the road. Linton had argued in those appeals that the city's work should have triggered Measure HLA because it involved reconfiguring lanes, modifying parking and adding new signage.
More appeals to be heard: The Board of Public Works on Monday will hear four additional appeals Linton filed.
Yusra Farzan
covers Orange County and its 34 cities, watching those long meetings — boards, councils and more — so you don’t have to.
Published November 25, 2025 2:19 PM
Newport Beach residents to decide on plan to build far fewer housing units in the city.
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Allen J. Schaben
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Los Angeles Times
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Topline:
Newport Beach voters will decide if they want to replace a state-approved housing plan with one that zones for far fewer new homes in 2026.
How we got here: Proponents of the plan called the Responsible Housing Initiative say the state-approved housing plan will negatively affect quality of life.
About the initiative: The initiative rejects the city’s current housing plan — which allows for more than 8,000 homes — and instead proposes just 2,900 homes exclusively for extremely low-, very low-, low- and moderate-income households.
The state-approved city plan: According to California law, Newport Beach needs to build 4,845 new units — 3,436 of which must be affordable for very low-, low- and moderate-income households.
Read on ... for more on next steps and tug-of-war over development plans.
Newport Beach voters will decide if they want to replace a state-approved housing plan with one that allows for far fewer new homes in 2026.
Proponents of the plan, called the Responsible Housing Initiative, say the current plan will make the city overcrowded and negatively affect quality of life.
“This isn’t downtown Los Angeles,” said Charles Klobe, president of Still Protecting Our Newport, which backs the Responsible Housing Initiative.
Last week, city leaders voted to put the initiative in front of voters after the Newport Beach Stewardship Association submitted the Responsible Housing Initiative petition with more than 8,000 signatures. The initiative rejects the city’s current housing plan and instead proposes an amendment to the general plan to facilitate the development of 2,900 homes exclusively for extremely low-, very low-, low- and moderate-income households.
The city’s current housing plan, which has the backing of the state, allows for more than 8,000 homes, including the required affordable housing units.
“ We're against the city building more market rate than the state required. We believe it's a giveaway to developers who will fund re-election campaigns of the council,” Klobe said.
What does California law require?
California’s Housing Element Law sets housing targets for local governments to meet, including for affordable units. It allows the state to intervene every eight years to let cities know how much housing they must plan for. The law also requires cities to put together a housing element showcasing how they will achieve the state’s plan. The state then approves of the element or sends it back to cities to reconfigure according to the requirements.
According to California law, Newport Beach needs to build 4,845 new units — 3,436 of which must be affordable for very low-, low- and moderate-income households. According to the city, Newport Beach can’t just plan for affordable housing units “because that would assume all future projects would be 100% affordable, which is not realistic based on previous development experiences.” And so, the city’s rezone plans include more than 8,000 units.
Councilmember Robyn Grant said during the council meeting that she’s not in favor of the state mandate. But, she added, “After extensive legal analysis and public outreach and workshops and hearings and meetings and more meetings, this council approved an updated general plan to bring Newport Beach into compliance and avoid serious penalties, including the loss of local land use control."
Newport Beach did appeal the state’s housing mandates on the grounds that it did not take into account how some of the city’s coastal lands are protected from urban development, but the appeal was rejected.
To learn more about how Newport Beach arrived at its state-approved housing plan, click here.
What is the Responsible Housing Initiative proposing?
The Responsible Housing Initiative counts the number of housing units already in development and proposes an additional 2,900 affordable housing units to meet the state mandate.
Klobe said they believe the initiative will receive state backing because “they claim to want affordable housing and our initiative requires it.”
Supporters of the measure contend the city’s current plan will increase the population, result in excessive traffic and disrupt the quality of life. They also sued Newport Beach for not first going to voters, but they failed in court.
To learn more about the Responsible Housing Initiative, click here.
What’s next
Voters will have a chance to weigh in on the Responsible Housing Initiative in November 2026.
