Advice

Mortgage Rates Are Dropping: What it Means for California Homeowners and Homebuyers

The Federal Reserve (the Fed), the U.S.’ central bank that dictates interest rates, continues to indicate that a potential rate cut is on the horizon. Not only can this impact affordability for prospective buyers, but it could be advantageous for current homeowners that are locked into higher interest rates. But, what does this all mean? Chase Bank answers some of your questions as it relates to prospective homebuyers and homeowners:

Published

2 years ago

October 6, 2024

Oakland Post

Photo provided by JPMorgan Chase Bank, N.A.

Sponsored by JPMorganChase

Homeownership is more than just a lofty American dream—it’s how many can build generational wealth. For the Black community, 90% of wealth gains come from homeownership, meaning that owning a home continues to be a crucial method for Black and Latino households to build and accumulate wealth.

But, what does this all mean? Chase Bank answers some of your questions as it relates to prospective homebuyers and homeowners:

What role do interest rates play in buying a home?
Mortgages respond to market conditions, including the Fed’s monetary policy. As interest rates climb, so do the interest on new mortgages and mortgage payments. Conversely, if rates fall, so does the interest on mortgages. So, buying at a lower rate can save you money in mortgage payments.

Should I wait to buy a home once interest rates fall?
Timing the market perfectly is not only challenging, but near impossible to do. While we hope the Fed will cut rates this year, it’s never guaranteed. Lower interest rates can save you money, but they’re not the only factor affecting affordability. So, instead of focusing on perfectly timing the market, we recommend leaning into what you can control: being financially prepared to buy a home.

Outside of readying your finances for homeownership, you can look for options that can lower costs and promote savings such as low down payment mortgages, down payment assistance programs and grants. And don’t forget you always can buy a home now and refinance in the future once rates drop.

How do I prepare myself to buy a home in this current environment?

We not only want consumers to attain homeownership but to sustain it. That’s why it’s important to understand what exactly you can afford before getting into the market. There are a variety of resources to help you prepare financially for buying a home to see how much you can afford in the areas you’re looking to buy, compare loan options and obtain a free credit score. You’ll also want to start compiling all of your necessary documents for pre-approval, such as W2s, bank statements, income documentation, etc.

What about the down payment? Do I need to have 20% of the home cost saved up?

Most first-time home buyers are singularly focused on saving for a down payment. However, long gone are the days of putting down 20% of the purchase price – low down payment loan options are available with some requiring as low as 3% down. Plus, there are a variety of incentives and grants that can lower your costs. For instance, Chase offers a homebuyer grant of up to $7,500, where eligible, to help with the interest rate, closing costs, and the down payment. These grants are offered in low- to moderate-income communities and neighborhoods that are designated by the U.S. Census as majority-Black, Hispanic and/or Latino.

Should I only work with one lender for my mortgage?

Studies show that 45% of borrowers who shopped around for mortgages received lower offers. Make lenders compete for your business – many have varying fees and closing costs that can add up. Also, interest rates can fluctuate daily, so lock in your rate with your lender if they offer that option for extra peace of mind.

I’m an existing homebuyer. How does a rate cut impact my situation?

It can be a good time to refinance when interest rates are going down, especially for those with rates above or at 7%. For current homeowners looking to refinance, we advise them to keep their end goal in mind as they consider whether refinancing makes sense for their personal situation. Work with your local advisor or using a Refinance Savings Calculator to understand when it makes sense for your specific situation to refinance.

Why should I refinance when rates are lower?

When interest rates are lower, you may be able to refinance your loan for a shorter term without seeing much of a change in your monthly payment. Even if your payments are higher, you may see significant savings over the life of your loan by making fewer interest payments. For example, you may decide to refinance a 30-year loan into a 15-year loan. While it has higher monthly payments, you’ll pay the loan down faster and pay less in interest.

Whether we’ll see a rate cut or not, there are many tools for first-time homebuyers and experienced owners to keep homeownership affordable and sustainable. For more information visit Chase.com/afford to start your journey, invest in your future and save in the long run.

For informational/educational purposes only: Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy.

Deposit products provided JPMorgan Chase Bank, N.A. Member FDIC

Oakland Post

Posts by Oakland Post

Up Next

COMMENTARY: Carrying on the Deplorable Hollywood Tradition of ‘Whitewashing’

Don't Miss

IN MEMORIAM: Beloved ‘Good Times’ Star and Emmy-Nominated Actor, John Amos, Dies at 84

Oakland Post

Click to comment

Advice

Book Review: Books for College-Bound Students

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and these books will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be.

Published

1 week ago

May 17, 2026

Oakland Post

Book covers. Photo courtesy of Terri Schlichenmeyer.

By Terri Schlichenmeyer

Authors: Various, Copyright: c.2026, Publishers: Various, SRP: $21.00 – $29.00, Page Counts: Various

The videos and news reports were inspiring.

In them, a hesitant prospective college student became a happy, new college-bound student with the click of a key. They were accepted into the college of their dreams – so how can you get the same feeling next spring, when you’re the one with the highest of hopes?

You can start by reading these great books and sharing them with your family…

You probably already know that getting into the college of your choice is not something you do last-minute. In “The People’s Guide to College Applications: A Week-by-Week Approach to Writing, Connecting, and Getting in” (Prometheus Books, $ 21.95), Jill Constantino takes you through each step, but not in a frantic way. There’s no pressure here, just easy-to-grasp, makes-sense methods to apply for the college you want. There are reminders here, things you can’t forget and things you can, hints on asking for referrals and writing essays, and plenty of reminders to take a deep breath. Bonus: it’s also a book for parents, who may feel just as much pressure as their child does.

Okay, but let’s say that you’re an adult, a parent who’s sweating those college applications, classes, and the FAFSA for yourself, ugh! Then you’ll want to read “Student Parent: The Fight for Families, the Cost of Poverty, and the Power of College” by Nicole Lynn Lewis (Beacon Press, $26.97). an urgent call meant for nontraditional students who are also Black, Latinx, gay, Moms, or Dads.

Inside this book, you’ll find stats and stories that may already sound familiar, tales of not enough money, not enough support, not enough arms or sleep or resources. If you’re looking for a book of advice, this isn’t it, though. It’s more of a resource that you’ll want to take to your guidance counselor or any local politician.

Alright, but what if you’ve decided that college can wait? Is that okay? Look for “The Mission Generation: Reclaim Your Purpose, Rewrite Success, Rebuild Our Future” by Arun Gupta and Thomas J. Fewer (Wiley, $29.00) because – guess what? – you have many options for your future.

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and this book will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be. This book isn’t just for high schoolers, but for anyone ages 16 and beyond who’s feeling restless, ready for change, or who’s thinking about some kind of purposeful retirement.

And if these aren’t the college-based or not-college-bound books you need, then be sure to ask your favorite bookseller or librarian for help on ideas, how-to’s, test prep books, or study guides. They’ll have books for you, and maybe a little inspiration, too.

Oakland Post

Posts by Oakland Post

Activism

‘Hire Oakland’ Job Fair Draws 2,000, Connecting Residents to Immediate Job Opportunities

Oakland’s Hire Oakland job fair, hosted by Mayor Barbara Lee’s office, connected over 2,000 job seekers with employers, highlighting a strong demand for quality jobs and career pathways in the city.

Published

1 week ago

May 15, 2026

Oakland Post

Left to right: Yawo Tekpa, OPIC Manager, One Stop Operator; Sofia Navarro, Deputy City Administrator; and Ray Lankford, CEO of the Oakland Private Industry Council. Photo by Jonathan Fitness Jones.

By Post Staff

The Office of Mayor Barbara Lee, in partnership with the City of Oakland and regional employers, hosted a successful Hire Oakland job fair this week at Frank H. Ogawa Plaza, bringing together job seekers and employers for a day focused on opportunity, connection, and economic mobility.

With more than 2,000 RSVPs, the event on Wednesday reflected strong demand across Oakland for access to quality jobs and career pathways. Attendees participated in on-site recruitment, application support, and hands-on workshops designed to help job seekers navigate hiring processes and prepare for interviews.

Over the course of the day, employers and community partners engaged directly with residents in a welcoming, high-energy environment centered on opportunity and hope. Participating employers included EBMUD, Samuel Merritt University, the City of Oakland, BART, PG&E, AC Transit, East Bay Regional Parks District, Southwest Airlines, FedEx, and many others offering immediate openings and career pathways across sectors.

Workforce development partners Oakland Private Industry Council (OPIC) and Lao Family Community Development provided connections to résumé support, interview coaching, and individualized job search assistance throughout the event.

The strong turnout underscores a clear reality: Oakland residents are eager for pathways into meaningful work, and sustained investment in youth and workforce programs is essential.

That is why Mayor Lee has prioritized relaunching the Oakland Police Cadet Program and the Mayor’s Youth Employment and Education Program (MYEEP)—ensuring young people have early access to paid work experience, mentorship, and long-term career pathways, according to a City press statement.

“The turnout shows what we already know—Oaklanders are ready to work, ready to grow, and ready to build their futures here at home,” said Lee. “When we connect people directly to employers and invest in young people early, we are not just filling jobs—we are changing lives and strengthening our city’s future.”

The Hire Oakland job fair is part of the City’s broader effort to strengthen workforce pipelines, expand access to good-paying jobs, and ensure Oakland residents are first in line for local opportunity.

About Hire OaklandHire Oakland is a citywide workforce initiative led by the Office of Mayor Barbara Lee in partnership with City departments, workforce development organizations, and regional employers. The program connects Oakland job seekers to real-time hiring opportunities, training resources, and career pathways.

Oakland Post

Posts by Oakland Post

Activism

Building Bridges of Support: How AAPI Equity Alliance Is Strengthening California’s Anti-Hate Network

In May 2022, Patricia Roque said she and her parents were attacked after a late-night stop at a fast-food drive-thru in Southern California. After hitting their car, the other driver pulled alongside them and mocked them using a racist Asian accent. Then, he threatened to kill them. The situation escalated when the man returned while the family was waiting for police and assaulted Roque’s father, fracturing his rib and choking her mother before bystanders intervened.

Published

1 month ago

April 19, 2026

Oakland Post

Patricia Roque (far right) pictured with her family at a Stop Asian Hate rally after her father's assault (far left). (Courtesy of AAPI Equity Alliance)

By Edward Henderson

When Aurelle Garner stepped out of her car one summer evening and saw a group of youths marching down her street, her stomach dropped.

What had begun as slurs hurled at her and her transgender children at a local park had escalated to violent pounding on their front door. Garner said that, before that incident, local law enforcement had repeatedly minimized her reports of harassment.

It was not until she contacted the Legal Department at The LGBTQ Center Long Beach that her family finally found help.

“I don’t know where we’d be if it weren’t for their help,” Garner, who lives in Southern California, said. “They didn’t just give legal advice. They helped us navigate a system that had otherwise dismissed us.”

Aurelle Garner, who received services from The LGBTQ Center Long Beach (Sponsored by AAPI Equity Alliance) to aid her transgender children. (Courtesy of AAPI Equity Alliance)

That support exists because The LGBTQ Center Long Beach does not work in isolation.

The Center partners with the AAPI Equity Alliance under California’s Stop the Hate program, a statewide coalition aimed at preventing hate and supporting survivors.

As the Los Angeles County Regional Lead, AAPI Equity Alliance works with the Center and dozens of other community-based organizations to connect people to legal aid, mental health services, and support. The programs also work in tandem with CA vs Hate, the state’s anti-hate hotline and virtual reporting system that connects people across California with organizations like the LGBTQ Center Long Beach – that provide support services

Garner’s experience illustrates the kind of harm that often falls outside the narrow legal definition of a hate crime but still leaves families traumatized and unsafe. It also shows how AAPI Equity Alliance’s leadership in the Stop the Hate ecosystem translates state funding and policy into real, on-the-ground support.

Patricia Roque (Courtesy of AAPI Equity Alliance)

“The police arrived long after it was over,” Roque told California Black Media (CBM). “By then, the damage was already done.”

The following day, Roque’s family was connected to the Filipino Migrant Center (FMC), a community-based organization that has received Stop the Hate funding and works within the broader AAPI Equity Alliance network. FMC provided immediate support — helping the family navigate legal options, organizing emergency financial assistance to cover medical bills and missed work, and offering emotional and community care while the criminal case unfolded.

“But the process is long and complicated. When you need help right away, that delay is a huge barrier. FMC was there immediately,”Rogue said.

The criminal case did not result in the accountability the family hoped for. But Roque said the support she received transformed her relationship to her community and to advocacy.

“Before this, I wasn’t involved in organizing at all,” she said. “Through this process, I realized my voice mattered. FMC helped turn something traumatic into a way to support others and push for change.”

Stories like Garner’s and Roque’s are part of a much larger reckoning that began at the onset of the COVID-19 pandemic, when Asian Americans and Pacific Islanders across the country experienced a surge in harassment, discrimination, and violence fueled by racist rhetoric.

Filipino Migrant Center stands in solidarity against Anti-Asian Violence (Courtesy of AAPI Equity Alliance)

In response, AAPI Equity Alliance partnered with San Francisco’s Chinese for Affirmative Action and the Asian American Studies Department at San Francisco State University to launch Stop AAPI Hate in March 2020. Since then, the project has collected more than 9,000 reports nationwide documenting incidents ranging from verbal harassment and workplace discrimination to physical assault and child bullying.

“People tend to think about hate only when it turns violent,” said Kiran Bhalla of AAPI Equity Alliance. “But there are everyday acts of discrimination that people endure constantly. Without some kind of recourse, that harm just keeps going.”

The data helped spur unprecedented action in California. In 2021, the State Legislature passed the $165.5 million Asian Pacific Islander Equity Budget, signed by Gov. Gavin Newsom. Of that total, $110 million was dedicated to victim services, education, and outreach. In August 2023, California invested an additional $40 million to expand California’s Stop the Hate program to serve a broader range of communities affected by hate and discrimination.

Today, the program supports roughly 100 nonprofit organizations statewide. As Los Angeles County Regional Lead, AAPI Equity Alliance coordinates grantees, facilitates cross-community collaboration, and helps ensure services reach those most impacted.

A recently released survey estimated that approximately 3.1 million Californians directly experienced hate, with Native Hawaiian or Pacific Islanders, Black or African Americans, and other communities of color, including Asian Americans, among those most likely to experience hate.

Black Californians, however, remain the most targeted group when it comes to reported hate crimes.

Nearly 48% of Asian American and Pacific Islander adults in California reported experiencing a hate incident in 2024, according to Stop AAPI Hate research. Most incidents were not criminal, leaving survivors with little recourse through the legal system.

That gap is precisely where AAPI Equity Alliance and its partners focus their work. The Stop the Hate framework prioritizes non-carceral responses, recognizing that policing alone often fails survivors and can further harm Black, brown, and immigrant communities.

Instead, the work centers on data and research, policy advocacy, community care, and public education. Through school-based programs, legal advocacy, emergency assistance, and survivor-centered services, the network aims to interrupt cycles of harm before they escalate.

For survivors like Garner and Roque, that support has made the difference between enduring trauma in silence and finding a path toward healing and collective power.

“When people experience hate, there’s often a profound sense of isolation,” Bhalla said. “This work helps people get back to school, back to work, back to their lives. It reminds them they’re not alone.”

Get Support After Hate:

California vs Hate is a non-emergency, multilingual hotline and online portal offering confidential support for hate crimes and incidents. Victims and witnesses can get help anonymously by calling 833-8-NO-HATE (833-866-4283), Monday to Friday, 9 a.m.–6 p.m. PT, or online at any time. Anonymous. Confidential. No Police. No ICE.This story was produced in partnership with CA vs Hate. Join them for the first-ever CA Civil Rights Summit on May 11, 2026. More information at www.cavshate.org/summit.