Santa Monica Monthly – March 2025

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Mortgage Rates Dip Slightly—Are Buyers Still on the Sidelines?

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The 30-year fixed mortgage rate has dropped to its lowest point in 2025, but it hasn’t sparked urgency among potential buyers. According to Freddie Mac, the average rate now stands at 6.76%.

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Reported as of March: Despite the decline in mortgage rates, mortgage applications for home purchases have remained unchanged this week, and pending home sales hit a record low in the early months of the year—both key indicators of buyer interest. Experts attribute this slowdown to persistently high mortgage rates and home prices.

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“Many buyers may be taking a wait-and-see approach while assessing the overall economy,” says Jessica Lautz, deputy chief economist at the National Association of REALTORS®.

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Even with the rate dip, the impact on affordability is minimal. The 6.76% rate, the lowest in two months, translates to roughly $60 in monthly savings on a $400,000 mortgage—about a 20% reduction from when rates recently peaked at 7.04%, Lautz explains.

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Food Obsession of the Month

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Creamy Dijon Chicken

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On hectic days, I rely on my go-to 30-minute dinner recipes to save time and reduce stress. If you're looking for a new chicken dish to try, this creamy Dijon chicken should be at the top of your list. This one-pan recipe features chicken breasts smothered in a rich Dijon mustard sauce, complemented by white wine and lemon juice for a burst of freshness. It's an ideal choice when you're short on time, or want a simple yet impressive dish for a date night with minimal effort.