Santa Monica Monthly – September 2025

Mortgage Rates Dip to Lowest Level in Nearly a Year

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Even small changes in borrowing costs tend to grab the attention of prospective buyers, and the latest shift is no different. According to Freddie Mac, the average 30-year fixed mortgage rate dropped to 6.50% this week—the lowest level since October 2024.

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“This expands the number of households able to purchase and may also encourage more homeowners to list their properties,” said Jessica Lautz, deputy chief economist at the National Association of REALTORS®.

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At the current 6.50% rate, a buyer purchasing a $400,000 home with a 20% down payment would have a monthly mortgage of about $2,023. Earlier this month, when the average rate was 6.72%, that same payment would have been around $2,232—roughly $200 higher.

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Food Obsession of the Month

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PSL Cinnamon Rolls

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Pumpkin spice latte season just got a serious upgrade. These PSL cinnamon rolls blend pumpkin spice and a hint of coffee for the ultimate fall-inspired treat, soft and cozy and every bit as magical as the drink that inspired them. Perfect for brunch, a weekend bake, or simply embracing the season.

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Source: Delish

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