We are in an era of low mortgage rates heading into the summer of 2016 and, with home prices back to their pre-recession peak, every basis point lower helps. According to Zillow Mortgages, the 30-year fixed rate in California is currently at 3.39%, down 4 basis points from last week's average and approaching the record low rates we saw just a few years ago. This is welcome news as we head into another summer of low housing inventory and rising prices in OC and Greater Los Angeles.