Rates Hit a 10-Month Low

The national average 30-year fixed mortgage rate dropped to 6.56% for the week ending August 28, according to Freddie Mac — the lowest level since October 2024. Daily surveys from Bankrate confirm similar levels at 6.54%.

For homeowners, even a modest dip in rates is creating opportunity. A recent report shows that more than 3 million households could benefit from refinancing, potentially saving an average of $240 per month.

A Shift in the National Housing Market

Rates are not the only story. Inventory across the U.S. is up nearly 25% year-over-year, pushing active listings above the one-million mark for the first time since the pandemic housing surge.

But conditions vary by region:

  • The Midwest is showing strength, with rising values in cities like Cleveland and Detroit.
  • Markets like Miami, Tampa, and Austin are seeing price declines, reflecting affordability challenges and buyer hesitation.

South Florida: Buyers Gain Leverage

In South Florida, the shift is clear:

  • Miami ranked among the top U.S. markets for delistings, with 27 homes pulled from the market for every 100 newly listed.
  • Florida home prices overall are down 4.8% year-over-year.
  • Condo and mid-market single-family homes are where the most negotiation leverage is emerging.

For serious buyers, that means more room to negotiate, less competition than in recent years, and a better chance of finding the right home at the right price.

What This Means for Buyers and Sellers

For buyers:

  • Rates are at their lowest in months.
  • Inventory is higher, giving you more choice.
  • Sellers in many markets are showing flexibility.

For sellers:

  • Pricing correctly is key — buyers are patient and selective. (https://www.mortgagesimplified.net/home-value-comparisons/)
  • Delisting trends suggest overpricing is leading to market fatigue.

The Bottom Line

We may be in a rare window of opportunity where rates, inventory, and buyer leverage are aligned. If you’ve been waiting for the right moment to buy or refinance, this could be it.

At MortgageSimplified.net, our goal is to help you make smart, confident moves in any market.

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