Terre Steinbeck Rodeo Realty Beverly Hills

11/13/2025

https://x.com/palisadesnewsla/status/1988863080734789911?s=46

01/03/2025

2025 is looking like one of the best years for real estate!!

02/13/2024

Happy birthday, Bro

02/13/2024

Rates are improving today. 30-year jumbo is back to about 6.375%, and 7 arm is about 6.125%. I locked a borrower at 5.5% on 7arm after a 1mil deposit. The 10% down jumbo, up to $2mil loan (any profession) is popular. Also interest only requests are up. Let me know if I can help. A great mortgage broker

Buyers, when you’re ready…… LETS GET TO IT! Inventory is there!

12/16/2023

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S. housing market.

Economic update for the month ending December 16, 2023

Stock markets – The Dow hit an all-time high this week and the S&P closed near its record high - While the CPI (consumer Price Index) showed that year-over-year inflation remained at 3.1% in November, unchanged from October, Fed Chairman Powel announced that the Fed would leave rates unchanged for the third straight meeting. He also stunned the markets by stating that the Fed’s efforts to reduce inflation had taken hold and that he felt that inflation was now dropping faster than anticipated. He even left the door open for rate drops next year. It was a complete reversal from statements made in October where he was threatening more rate hikes. Retail sales also jumped in November. Investors rushed back to stocks and bond yields and mortgage rates fell significantly. The Dow Jones Industrial Average closed the week at 37,309.22, up 2.8% from 36,247.87 last week. It is up 12.6% year-to-date. The S&P 500 closed the week at 4,719.07, up 2.5% from 4,604.37 last week. It is up 22.9% year-to-date. The Nasdaq closed the week at 14,813.92, up 2.8% from 14,403.97 last week. It is up 41.5% year-to-date.

U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 3.91%, down from 4.23% last week. The 30-year treasury bond yield ended the week at 4.00%, down from 4.31% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates drop below 7% –Every Thursday Freddie Mac publishes home mortgage interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of December 14, 2023, were as follows: The 30-year fixed mortgage rate was 6.95%, down from 7.03% last week. The 15-year fixed was 6.38%, up from 6.26% last week. It was 6.56% two weeks ago. Rates were lower at the end of the week. We saw lenders quoting 30-year loans in the mid to low 6% range on Friday.

The graph below shows the trajectory of mortgage rates over the past year.

November home sales data for California and the U.S. will be released next week by the California Association of Realtors and the National Association of Realtors. You can get November data now for your city or zip code on our website, RodeoRe.com.

Have a great weekend!

12/02/2023

Economic update for the week ending December 2, 2023


Stock markets – Stock markets rose for the seventh consecutive week as inflation has moderated, and bond yields and mortgage rates have dropped. On Thursday the Personal Consumption Expenditures Price Index (PCE), a gage of inflation that the Fed relies on when setting monetary policy came in at a 3% year-over-year increase, the core PCE was 3.5%. That marked the smallest increase since 2021. On Friday Fed Chairman Powell suggested that the Fed may be done raising rates, but said it was “too early to guess when rates will fall.” Even speaking about rates falling was something that nobody could have imagined Powell discussing just two months ago. He also spoke about progress in cooling inflation and the jobs market. Stocks jumped on Thursday and Friday. The Dow gained almost 800 points in the two days. Next Fridaythe November jobs report will be released. Investors are eagerly awaiting the number of new jobs created and the amount that wages have increased.The Dow Jones Industrial Average closed the week at 36,254.50, up 2.4% from 35,390.15 last week. It is up 9.4% year-to-date. The S&P 500 closed the week at 4,594.63, up 0.8% from 4,559.34 last week. It is up 19.7% year-to-date. The Nasdaq closed the week at 14,350.03, up 0.7% from 14,250.85 last week. It is up 37.1% year-to-date.



U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.22%, down from 4.47% last week. The 30-year treasury bond yield ended the week at 4.40%, almost unchanged from 4.60% last week. We watch bond yields because mortgage rates follow bond yields.



Mortgage rates –The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of November 30, 2023, were as follows: The 30-year fixed mortgage rate was 7.22%, down from 7.29% last week. The 15-year fixed was 6.56%, down from 6.67% last week. Rates were lower at the end of the week. The 30-year dropped under 7% on Friday.

Have a great weekend!

11/25/2023

Economic update for the week ending November 25, 2023

Stock markets closed higher for a sixth straight week - Stocks closed higher in a holiday shortened week. Minutes from the last Fed meeting were released this week. They included that the Fed has shifted its policy on rate hikes to a more neutral position. For the first time in nearly two years the Fed has stated that the economy has slowed and that they do not intend to raise interest rate further. They did leave open the possibility of future hikes if the economy picked up, but it was the most encouraging statement that rate hikes have ended since they began their latest campaign of hikes in March 2022. The Dow Jones Industrial Average closed the week at 35,390.15, up 1.3% from 34,947.28 last week. It is up 6.8% year-to-date. The S&P 500 closed the week at 4,559.34, up 1% from 4,514.02 last week. It is up 18.8% year-to-date. The Nasdaq closed the week at 14,250.85, up 0.9% from 14,125.48 last week. It is up 35.21% year-to-date.

U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.47%, up slightly from 4.44% last week. The 30-year treasury bond yield ended the week at 4.60%, almost unchanged from 4.59% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – Mortgage rates dropped for a sixth straight week. They are now down almost one full percentage point since hitting a 23-year high of 8.25% in October. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of November 22, 2023, were as follows: The 30-year fixed mortgage rate was 7.29%, down from 7.44% last week. The 15-year fixed was 6.67%, down from 6.76% last week. Rates dropped all week.

U.S. existing-home sales - The National Association of Realtors reported that existing-home sales totaled 3.79 million units on a seasonally adjusted annualized rate in October, down 14.6% from an annualized rate of 4.44 million in October 2022. The median price for a home in the U.S. in October was $391,800, up 3.2% from $378,800 last October. There was a 3.6-month supply of homes for sale in October, up from a 3.3-month supply last October. First-time buyers accounted for 28% of all sales. Investors and second-home purchases accounted for 15% of all sales. All-cash purchases accounted for 29% of all sales. Foreclosures and short sales accounted for 2% of all sales.

I hope you are having a great Thanksgiving week!

11/18/2023

Economic update for the week ending November 18, 2023



Stock markets higher for the third consecutive week – Stock markets closed higher again this week capping off a third week of gains following a tough October. The October Consumer Price Index (CPI) was released this week. It showed that consumer prices in October had climbed 3.2% from one year earlier. While the Fed target is 2% this was a giant step in the right direction. Inflation peaked in June 2022 at 9.1% and worked its way down every month for a year hitting 3% in June. In July, August and September the year-over-year inflation rate worked its way back up. It was 3.7% in September, so dropping to 3.2% in October was welcome news to investors. The Producer Price Index showed inflation taming as well in October. Bond yields and mortgage rates have fallen steadily in November on this news and many experts feel that rising inflation, higher interest rates and Fed hikes are behind us. The Dow Jones Industrial Average closed the week at 34,947.28, up 1.9% from 34,283.10 last week. It is up 5.4% year-to-date. The S&P 500 closed the week at 4,514.02, up 2.2% from 4,415.24 last week. It is up 17.6% year-to-date. The Nasdaq closed the week at 14,125.48, up 2.4% from 13,798.11 last week. It is up 35% year-to-date.



U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.44%, down from 4.61% last week. The 30-year treasury bond yield ended the week at 4.59%, down from 4.73% last week. We watch bond yields because mortgage rates follow bond yields.



Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of November 9, 2023, were as follows: The 30-year fixed mortgage rate was 7.44%, down from 7.50% last week. The 15-year fixed was 6.76%, down from 6.81% last week. Rates dropped all week.



California existing-home sales - The California Association of Realtors reported that existing-home sales totaled 241,710 units on a seasonally adjusted annualized basis in October, down 11.9% from a revised 274,410 annualized sales pace in October 2022. October marked the thirteenth straight month of the annualized sales rate dropping under 300,000 on an annualized basis, and the second consecutive month of sales dropping below 250,000 annualized sales, a level that was thought could never happen. Year-to-date, the number of homes sold were down 27.2% in October. The statewide median price paid for a home in October was $840,360, up 5.3% from a revised $798,140 a year ago. There was a 2.7-month supply of homes for sale in October, down from a 3.1-month supply one year ago.



The graph below shows sales data by county in Southern California.

11/12/2023

Economic update for the week ending November 11, 2023



California third quarter housing affordability – The California Association of Realtors released their housing affordability index. It included that single-family detached-home affordability dropped to 15% in the third quarter of 2023, down from 16% in the second quarter and down from 18% one year ago. An income of $221,200 was needed to qualify for the monthly payment of $5,530 to purchase a $843,600 median priced home. Affordability for a condo or townhome dropped to 23% in the third quarter. An income of $170,400 was needed to qualify for the $4,200 payment to purchase a $650,000 median-price condo or townhome.



Stock markets posted another week of gains. Although there was not much economic news this week, stocks continued their November bounce after a tough October. The only day that markets did not advance was on Thursday after Fed Chairman Powell stated at a press conference that the Fed remained open to further rate increases. Investors felt that Fed comments after last week’s meeting meant that the Fed may be holding rates where they are, the highest levels in 22 years, to give them time to cool the economy. Stocks bounced back again on Friday. The latest consumer confidence report was released this week. It showed consumer confidence had slipped. That would be good news on the inflation front, as lower consumer confidence could slow consumer spending. Oil prices also continued to drop, which is also good news when looking at inflation. The Dow Jones Industrial Average closed the week at 34,283.10, up 0.7% from 34,061.32 last week. It is up 3.4% year-to-date. The S&P 500 closed the week at 4,415.24, up 1.8% from 4,338.34 last week. It is up 15% year-to-date. The Nasdaq closed the week at 13,798.11, up 2.4% from 13,478.28 last week. It is up 31.8% year-to-date.



U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.61%, up slightly from 4.57% last week. The 30-year treasury bond yield ended the week at 4.73%, down slightly from 4.77% last week. We watch bond yields because mortgage rates follow bond yields.



Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of November 9, 2023, were as follows: The 30-year fixed mortgage rate was 7.50%, up from 7.76% last week. The 15-year fixed was 6.81%, up from 7.03% last week. Rates dropped all week. Next week’s rates should be closer to 7.5% on a 30-year fixed if the mortgage market remains where it was on Friday.



Real estate sales figures for October closings will be released next week by the California Association of Realtors and the National Association of Realtors. You can get that data now for your city or zip code at RodeoRe.com.



Happy Veterans day. We thank all Veterans for their service, and their families for their sacrifices. We are eternally grateful to you.

10/28/2023

Economic update for the week ending October 28, 2023

Stock markets dropped again this week - Concerns about high interest rates continued to cause panic for investors again this week after another slew of positive data was released. The third quarter GDP (Gross Domestic Product), the broadest measure about the strength of the economy, unexpectedly jumped. The reading showed that the economy expanded at an annual rate of 4.9% in the third quarter of 2023, up from 2.1% in the second quarter. Surging consumer spending was attributed to much of the increase. This left investors feeling that the Fed has lost control over the economy. The economy, jobs market, and consumer spending have continued to expand despite all of the interest rate hikes and other tightening measures that were supposed to slow the economy. Another report showed that while savings are dropping, there is still $1.2 trillion in Covid stimulus in savings. The PCE, another gauge of inflation that was released on Friday, showed inflation rose in September by the largest month-over-month percentage rate since May. Other news had tech stocks declining early in the week when Alphabet released weaker earnings than expected, but that reversed on Friday when Amazon and Intel beat expectations. Auto stocks also took a hit after Ford announced that they were pulling their future guidance due to the auto worker strike. The Dow Jones Industrial Average closed the week at 32,417.59, down 2.1% from 33,127.29 last week. It is down 2.2% year-to-date. The S&P 500 closed the week at 4,117.37, down 2.6% from 4,224.16 last week. It is up 7.2% year-to-date. The Nasdaq closed the week at 12,634.01, down 2.7% from 12,983.81 last week. It is up 20.7% year-to-date.



U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.84%, down from 4.93% last week. The 30-year treasury bond yield ended the week at 5.03%, down from 5.09% last week. We watch bond yields because mortgage rates follow bond yields.



Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 26, 2023, were as follows: The 30-year fixed mortgage rate was 7.79%, up from 7.63% last

10/15/2023

Economic update for the week ending October 14, 2023


Stock markets were relatively unchanged this week – Despite the war in the middle east stock, stock markets ended the week about the same as they were last week. We did see stocks drop following the September CPI report which showed that inflation picked up slightly in September with consumer prices increasing 3.7% from one year ago. That marked the third consecutive month of the key inflation reading increasing after dropping steadily from 9.1% year-over-year in June 2023 to 3% year-over-year in June of 2023. Unfortunately, that trend ended in July and consumer prices increases have ticked up steadily in the past three months. The Dow Jones Industrial Average closed the week at 33,670.29, up 0.8% from 33,407.58 last week. It is up 1.6% year-to-date. The S&P 500 closed the week at 4,327.78, up 0.4% from 4,308.54 last week. It is up 12.7% year-to-date. The Nasdaq closed the week at 13,407.28, down 0.2% from 13,431.34 last week. It is up 28.1% year-to-date.

U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.63%, down from 4.78% last week. The 30-year treasury bond yield ended the week at 4.78%, down from 4.95% last week. We watch bond yields because mortgage rates follow bond yields.


Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 12, 2023, were as follows: The 30-year fixed mortgage rate was 7.57%, up from 7.49% last week. The 15-year fixed was 6.89% up from 6.78% last week.

Real estate sales figures for September closings will be released next week by the California Association of Realtors and the National Association of Realtors. You can get that data now for your city or zip code at RodeoRe.com.



Have a great weekend!

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10/07/2023

Economic update for the week ending October 7, 2023

Job growth unexpectedly surged in September - The Department of Labor and Statistics reported that 336,000 new full-time jobs were added in September. That was almost double the 170,000 new jobs that economists expected. The unemployment rate increased to 3.8% in September, up from 3.5% in August, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.2% year-over-year, down from 4.4% the previous five months.


The Dow Jones Industrial Average closed the week at 33,407.58, up 0.3% from 33.507.50 last week. It is up 0.8% year-to-date. The S&P 500 closed the week at 4,308.54, up 0.2% from 4,298.05 last week. It is up 12.2% year-to-date. The Nasdaq closed the week at 13,431.34 up 1.6% from 13,219.22 last week. It is up 28.3% year-to-date.


U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 4.78% up from 4.59% last week. The 30-year treasury bond yield ended the week at 4.95% up from 4.73% last week. We watch bond yields because mortgage rates follow bond yields.


Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 5, 2023, were as follows: The 30-year fixed mortgage rate was 7.49%, up from 7.31% last week. The 15-year fixed was 6.78% up from 6.72% last week.

Have a great weekend!