Falling interest rates are helping more homeowners refinance their mortgages. The average rate for a 30-year fixed mortgage is now hovering around 4 percent.
Housing costs in most of California's major metros are now so high that high-income households are being priced out. Median annual household incomes in San Francisco and San Jose are more than $44,000 higher than the national median.
The average 30-year fixed rate for a mortgage dropped to 4.06 percent this week, down 22 basis points from last week and 34 basis points annually, according to Freddie Mac.
The Federal Reserve's dovish policy change making further interest rate increases unlikely for the rest of 2019 sent current rates down, and experts say is a signal of the Fed's view of a "slowing global economy."