After four straight weeks of declines, the average 30-year mortgage rate inched slightly higher. This type of short-term up-and-down movement is normal as markets respond to Federal Reserve announcements and economic data.
What it means for you:
Even with this small increase, rates remain near their lowest levels in months — which can help keep monthly payments more affordable compared to earlier this year.
Sales of new single-family homes jumped more than 20% in August — the strongest pace we’ve seen in three years. Builders are using price discounts and rate buydown offers to encourage buyers.
What it means for you:
If you’ve struggled to find a resale home, new construction might offer more options — sometimes with builder incentives that can reduce your out-of-pocket costs.
Sales of existing homes dipped slightly in August as low inventory continues to be the biggest challenge for buyers. Prices are still up compared to last year, reflecting strong demand.
What it means for you:
Buyers need to be ready to act quickly with a strong pre-approval when the right home hits the market.
Federal Reserve officials signaled that additional interest rate cuts may be needed to support the economy. Some experts are also calling on the Fed to take steps that could narrow the gap between mortgage rates and Treasury yields.
What it means for you:
If the Fed follows through, we could see further downward pressure on mortgage rates later this year — creating an opportunity to refinance or improve your buying power.
If you’re buying: Get pre-approved so you can move fast when the right home appears — and discuss locking your rate when you’re under contract to protect against sudden changes.
If you’re refinancing: This could still be a good time to explore options, especially if your current rate is significantly higher than today’s market.
Thinking about buying, selling, or refinancing? Let’s talk about your specific goals and see what today’s market means for you.
