The current conditions in the Santa Clara housing market: Mortgage rates are still hovering around their 7-year highs and expected to climb more in 2019. Values of homes in Santa Clara have been dropping since June, and are expected to drop more in 2019. The stock market has experienced lots of volatility in the last few weeks and is at a 14 month low. Seasonal inventory for the holiday has dropped, but are at the highest levels in the last 6 years.