Mortgage Rates

Nearing 6% and Holding — Mortgage rates have continued their slow and steady trend down. At the end of October, rates reached 6.17% according to Freddie Mac—their lowest level in over a year and nearly a full percentage point below where they started in 2025. Still, many would-be buyers are waiting to see if rates dip even closer to the 6% mark before making their move. However, lower rates have already started to boost activity in parts of the market.

Rates based on 30-year fixed-rate new purchase loans with at least a 20% down payment and an applicant credit score of 680 to 739.

Homes Prices

Slowed but Steady — Home prices have held steady this fall, with the median U.S. sale price at $415,200 in September (up 2.1% from last year). Price growth has slowed compared to recent years, but strong demand and limited supply are keeping values resilient. Easing mortgage rates and more balanced conditions are helping some buyers re-enter the market, even as affordability remains a hurdle for some.

Housing Supply

Plenty to Choose From — Total U.S. housing inventory continues to grow, landing around 1.1 million homes for sale at the end of October. More homes on the market means more choices and negotiating power for buyers. But, that also means listings are taking longer to sell with homes spending a median of 63 days on the market at the end of October (five days longer than a year ago). As a result, sellers are increasingly cutting prices and offering concessions to attract buyers before the year wraps up.

Market Activity

A Market In Motion — Home sales held steady in September as buyers are gradually re-entering the market, likely encouraged by easing rates. Refinancing remains strong, making up more than half of all mortgage applications for the sixth straight week, while purchase applications are up about 20% from last year. Starter homes are driving much of the activity, with first-time buyers now making up 30% of existing-home sales, highlighting where demand is strongest.