Mortgage rates hit their highest point since 2000!

The average rate on a 30-year fixed mortgage has hit 7.48%, according to Mortgage News Daily.

Mortgage rates jumped, following a rise in bond yields driven by investors’ concerns that high interest rates and inflation will linger longer than expected.

Listings fell to a 12-year low for June

Southern California’s housing market continued rebounding in June, despite below-average sales and the highest mortgage rates in seven months.

With inventory at the lowest level for a June in a dozen years, even this year’s diminished demand exceeds the number of homes for sale, driving up prices.

As a result, the median price of a Southern California home — or price at the midpoint of all sales — was $730,000 in June, CoreLogic reported.

That’s down just 0.7% or $5,000, from a year earlier. It also follows four months of off-and-on price gains that brought the region’s median within $20,000 of the all-time high of $750,000 reached in April 2022.