Mortgage rates are dropping: what it means for California homeowners and homebuyers

Homeownership is vital for building generational wealth, especially in the Black community, where 90% of wealth gains come from it. The Federal Reserve may cut interest rates, impacting affordability for buyers and current homeowners. Prospective buyers should focus on financial readiness rather than timing the market. Low down payment options and grants are available. Existing homeowners may benefit from refinancing if rates drop. Tools exist to help both first-time and experienced buyers maintain affordable homeownership.