Economic & Mortgage Update for California Housing – Q2 2026
Mortgage rates in the mid-6% range and affordability at 38% for first-time buyers define the Q2 2026 landscape
Category: Mortgage Rates / Affordability / Housing Economics | Report Period: Q2 2026 | Prepared by: RadZ Real Estate Consulting
Executive Summary
Mortgage rates remained the most important financial variable affecting California housing in Q2 2026. Rates were lower than one year earlier, but they remained high enough to limit affordability, reduce move-up activity, and keep many current homeowners locked into existing lower-rate mortgages.
The Federal Reserve kept the federal funds target range at 3.50% to 3.75% at its June 2026 meeting. Freddie Mac's 30-year fixed mortgage rate readings during June remained around the mid-6% range, including 6.48% on June 4, 6.52% on June 11, 6.47% on June 18, and 6.49% on June 25.
NAR reported that the average 30-year fixed ...
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