Finding Balance in Today’s Market
Mortgage rates have eased slightly in recent weeks, giving buyers and homeowners a welcome dose of stability. The average 30-year fixed rate now sits around 6.3%, while 15-year loans hover near 5.5%. It’s not a major drop, but it’s enough to bring borrowing costs back to some of the lowest levels we’ve seen in about a year.
Rates have remained in a narrow range since mid September as markets wait for more clarity from the Federal Reserve and broader economic data. The Fed’s recent quarter-point rate cut helped ease pressure, but officials have signaled a cautious approach moving forward. For now, most experts expect gradual improvement rather than sharp declines.
Even so, the housing market is responding. Pending home sales rose 4% in August compared to the month before, an encouraging sign that lower rates may soon translate into stronger activity. Refinances continue to make up more than half of all mortgage applications, and more buyers are exploring adjustable-rate options to make monthly payments more manageable.
After two years of headwinds, this kind of balance is exactly what the market needs. For buyers, stable rates create an opportunity to plan with confidence and move before competition picks up again. For sellers, renewed activity and improving affordability are welcome signs that momentum is building.
If you’ve been thinking about buying, selling, or refinancing, this may be your window to act while the market is actively changing. I’d be happy to help you explore your options, review the numbers, and position you to take advantage of this steady shift. Reach out today!
