Mortgage Rates This Week

  • The average 30-year fixed rate edged up to 6.34% after dipping earlier.
  • Why? Bond markets adjusted after the Fed’s recent quarter-point cut. Stocks rallied, bonds cooled, and mortgage rates followed slightly higher. Some influence from the government shutdown.
  • Even at 6.34%, rates are still well below the 7%+ levels we saw most of last year.

National Housing Market Snapshot

  • Refinancing is alive again. Many homeowners are restructuring debt or lowering payments as soon as small rate dips appear. If they financed 2022 throug the first of this year, Rates are down enough to make refinancing make sense for both cashout and especially rate and terms reduction. With UWM brokers like us, special incentives are available for rate and term refinancing.
  • Purchase demand is still cautious. Buyers want relief on affordability, but rising inventory is starting to give them more leverage. Of note, there are a few Down Payment Assistance programs available.
  • Inventory is shifting. More homes are on the market nationally, which is softening seller control. Buyer’s market means seller credits are again a possibility and can really improve a rate.

South Florida Market Update

  • Miami-Dade County now has nearly 10 months of housing supply — the highest we’ve seen in years. That puts buyers in a stronger negotiating position. By comparison, the broader South Florida market is sitting closer to 5–6 months of supply, which is still more balanced than in past years. That’s a buyer-friendly number.
  • Florida’s median home price sits at $402,600, down slightly from last year. Mid-tier condos and homes are where the most price pressure shows up.
  • Delistings are at record levels in South Florida — more sellers are pulling homes off the market when they don’t get their number. This is a clear sign that buyers have the upper hand. Or maybe a sign that sellers don’t want to sacrifice their perceived equity which likely has diminished in the last 12 months from its peak.

What It Means for Buyers

  • You have more negotiating power than you’ve had in years.
  • Focus less on “chasing the lowest rate” and more on finding the right property and a comfortable payment. (Again, 3 to 5 % seller contributions go a long way)
  • If rates dip lower again, you can always refinance — but missed opportunities in a shifting market don’t come back.

What It Means for Sellers

  • Overpricing will hurt. Buyers now have options, and overpriced homes are sitting — or worse, getting delisted. If you are selling, get a customized property specific market report from us here: https://www.mortgagesimplified.net/home-value-comparisons/
  • Price realistically, present the property well, and you’ll still attract motivated buyers.
  • Good homes in desirable areas still move quickly — but buyers won’t overpay.

Bottom Line

Rates ticked back up a bit, but South Florida is a buyer-leaning market right now. More supply, steady prices, and strong negotiation power are shifting the balance. Sellers need to be smart, and buyers need to be ready.

Talk strategy with me today at MortgageSimplified.net

Posted in Uncategorized