Mortgage Rates This Week

• Mortgage rates are now averaging 6.39% for a 30-year fixed loan.
• That’s a little higher than last week, but still lower than what we saw much of this year.
• Why? When the Fed cut rates, the stock market jumped. That made bonds less attractive, which pushed mortgage rates up slightly.

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What’s Happening Nationally

• Home sales slowed a bit in August — mostly because of affordability pressures.
• More homes are coming onto the market, giving buyers more choices.
• Forecasts suggest rates could drift lower over the next year or two if inflation keeps easing.

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What’s Happening in South Florida

• Listings are rising. Buyers finally have more options than they’ve had in years.
• Well-priced homes in good locations still sell quickly.
• Overpriced homes are sitting longer or being pulled off the market.

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What It Means for You

Buyers:

• Don’t wait for the “perfect” rate. If the home is right and the payment fits, lock it in. You can always refinance later. Also, if you aren’t planning on being in that home forever, there are some very attractive adjustable-rate mortgages right now.
• More inventory = more leverage when negotiating.

Sellers:

• Price your home realistically. Buyers have more options now, and they’re looking for value. Have us give you a Home Value Estimate with market data to better support your pricing.
• Presentation counts — homes that show well are still moving fast.

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Bottom Line:
Rates ticked up a bit, but buyers still have more power than they’ve had in years. Sellers need to stay sharp. In this market, a smart strategy makes all the difference.

Talk with me at MortgageSimplified.net to plan your move.