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The Fed has raised its target interest rate 11 times since March 2022, in an effort to bring down the rate of inflation to 2%. The current rate of 5.25% to 5.5% is its highest in 22 years.
If you plan to refinance your current mortgage, the refinance rates should drop shortly after each Fed announcement. That's because mortgage lenders are competing for your business.
The mortgage lending rate on a 30-year fixed rate loan was 6.99% last week, according to Freddie Mac, which tracks rates. Over the past year, the rate has averaged 7.01%. Over the past year, the ...
Periods of heavy rainfall caused by multiple atmospheric rivers in California between December 31, 2022, and March 25, 2023, resulted in floods that affected parts of Southern California, the California Central Coast, Northern California and Nevada. [3] [4] The flooding resulted in property damage [5] [6] [7] and at least 22 fatalities. [1]
A study published in Science Advances in 2022 stated that climate-caused changes in atmospheric rivers affecting California had already doubled the likelihood of megafloods since 1920—which can involve 100 inches (250 cm) of rain and/or melted snow in the mountains per month, or 25 to 34 feet (7.6 to 10.4 m) of snow in the Sierra Nevada—and ...
Landslides and fallen trees due to the heavy rain and high wind gusts destroyed and damaged many homes and closed roads throughout California. Bel-Air had a peak 24-hour rainfall of 12.42 inches (315 mm) which equates to a 380-year return interval (0.3%).Los Angeles had been incorporating elements of a stormwater harvesting design to retain the ...
The average 30-year fixed mortgage rate fell to 6.62% today, to its lowest level since May, after the Federal Reserve left interest rates unchanged and signaled three interest rate cuts next year.
This is due to warm, moist, and unstable air moving along the jet stream where it is centralized. Which brings precipitation along the westerlies. [51] In contrast, eastern portions of the regions have two precipitation maximums, one during spring, and again in November. While July and August are the driest months in the region.