Catch up on the latest housing news!

 

California Fires Strain the State’s Housing Market 
The California wildfires have left many homeless, forcing them to search for new housing in an already tight market.

• 100,000 people have evacuated and about 5,700 houses and buildings have been wiped out.
• California’s housing regulations have slowed the growth of building homes.
• The state’s legislature is now looking to efficiently rebuild these homes. Governor Jerry Brown signed several bills during the legislature’s last session to ease housing regulations and increase the number of lower-income housing.

 

Mortgage Bankers Association (MBA) Open to New Home Owner Tax Breaks 
The POTUS has shared his desire to cut taxes. Now there’s movement toward a possible home owner tax break. Here are the highlights:

• A framework of the tax breaks hints support for an, “opportunity to pursue alternative home ownership tax incentives (for)…low- to moderate-income borrowers.”
• Tax reform is likely to be a big influence on the next election cycle. As for the MBA, a group of 1.2 million and the country’s largest political action committee, their campaign funding is up for grabs.

 

Daily Mortgage Rates 
Check out this week’s average mortgage rates, as they have trended lower.

• While Mortgage rates fluctuated this week, they showed an overall decline.
• 15 year fixed rates reflected the biggest drop, from 3.12% last week to now 3.00%. 
• Now is a great time to buy or refinance as rates remain at all-time historic lows.