Mortgage Rates Start Week at Another Long-Term Low — California Real Estate Market UpdateCurrent Mortgage Rates 30-Year Fixed Rate: 6.13%, down about 0.12%.

The California Housing Market: Correction in Progress

There are clear signs that California's housing market is correcting, largely due to factors of affordability. - California home prices are declining with approximately 0.42% month over month change and 5% year over year (by late 2025). - There is increased housing inventory. - Sales are slowing despite increase in buyer options. - Buyer demand is limited as many buyers are priced out. - Mortgage payment to median income ratio is heightened, presenting unaffordability to ownership. - Rent vs. Buy cost decoupling is growing in various parts of the state. - Inventory increases in housing for sale has not resulted in increased homes sold, instead, transaction volume is slowing.

Legislative Update: SB 79—Increased Density Near Transit Recently, California lawmakers supported and passed a new bill to attempt to reverse the housing crisis, entitled Senate Bill 79 (SB 79). - Summary: - It increases allowable density in multi-story (up to nine stories in certain zones) housing developments near transit. - It supersedes some local zoning ordinances where applicable near major public transit stops. - It seeks to increase housing stock, minuses housing and transportation costs, and attempts to alleviate California's affordability crisis.

What Future Buyers & Homeowners Need to Know: 10 Recommendations

As the California housing market (Bakersfield and beyond) changes, here are 10 recommendations to follow in an effort to ease the transition over the next few months and years—whether you're a prospective buyer or a current homeowner looking to refinance.

For Whom	What to Do
1. Future Buyers	Get your finances in order early. Save for a down payment, reduce debts, improve your credit score. The lower your debt-to-income ratio, the better mortgage rates you’ll qualify for.
2. Future Buyers	Lock in pre-approval now. Interest rates can move, so having pre-approval (or at least strong lender quotes) gives you better negotiating power and clarity.
3. Future Buyers	Monitor mortgage rate trends closely. Even small drops (like 0.12%) make a difference over the lifetime of a loan. Work with mortgage lenders/agents who provide alerts or updates.
4. Future Buyers	Consider location near transit. With SB 79 making dense housing near transit more feasible, homes near transit hubs may become more desirable and appreciate differently.
5. Future Buyers	Be flexible and patient. Inventory is up; but competition still exists in certain markets. Adjust expectations on timelines, features, or neighborhoods to find value.
6. Homeowners / Refinance Seekers	Review your existing mortgage rate and terms. If your rate is significantly higher than current market averages, refinancing may yield substantial savings—even after fees.
7. Homeowners / Refinance Seekers	Check your credit score and financial health. Refinancing terms will depend heavily on credit, equity, and income stability. Improving your credit and paying down higher-interest debts helps.
8. Homeowners / Refinance Seekers	Shop around multiple refinance offers. Lenders differ in fees, closing costs, and available programs. Don’t accept the first offer—compare APRs, total cost, and potential savings.
9. Homeowners / Refinance Seekers	Factor in the costs of refinancing. Closing costs, appraisal fees, possible pre-payment penalties: make sure the savings over time outweigh these upfront costs.
10. Both Groups	Stay informed about SB 79 and local zoning changes. As policies change (especially near transit zones), property values, supply, and demand will shift. Being ahead of these changes is a competitive advantage.

What This Means for Bakersfield Real EstateIf you're involved with Bakersfield real estate, this is good news, bad news:

• Homes in walking distance to current or future transit may be more valuable down the line as SB 79 goes into effect.

• More inventory means more choices for buyers.

• Homeowners may be able to refinance to lower monthly payments, but it depends on when and how.

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Whether you're looking to buy, sell or refinance your home in Bakersfield or anywhere in California, be sure to reach out to www.SkylerRealty.com We stay up-to-date with current mortgage rates, policy changes, and fluctuations within the market so that you can make the best decision for your situation.

Whether you need to get pre-approved or simply want to talk about your options, reach out today. If you're not sure about refinancing, we can help with that too. Let's get you settled for what's next—and ready to take the plunge!