Mortgage Rates

Still Hovering — Mortgage rates have moved a bit this fall, dipping to 6.17% in October before ticking back up slightly to 6.26% at the end of November. While the short-term fluctuations are small, rates remain nearly a full percentage point below where they started in 2025, giving buyers more purchasing power than they’ve had all year.

Freddie Mac Primary Mortgage Market Survey®. Rates based on 30-year fixed-rate mortgage.

Homes Prices

Cuts & Concessions On The Rise — The median U.S. home sale price in November was $393,248, up 2.1% from last year. Meanwhile, the median monthly mortgage payment fell 2.1% to $2,466, the lowest it’s been in 2025. Homes are spending longer on the market for the 19th month straight, with a median of 49 days, prompting sellers to offer price adjustments and concessions. In fact, over a quarter of all listings have seen price cuts, with the typical listing in the U.S. seeing $25,000 in cumulative reductions in October.

Housing Supply

More Houses Means More Choices — Total U.S. housing inventory landed around 1.17 million at the end of November, a 4.4 months of supply (4–5 months is considered balanced). Inventory growth has slowed since mid-summer but has stayed above 1 million for six consecutive months. Despite steadily rising prices, this added supply is helping balance the market and giving buyers greater choice and negotiating power.

Market Activity

Seasonal Slowdown — The end of the year usually sees lower demand, which aligns with soft buyer activity despite easing mortgage rates. Pending sales are down slightly compared to last year, but new and active listings are up, giving buyers more options. Mortgage applications are running 24% ahead of last year, and refinances have surged 125% over the same period. The Midwest is leading the way with a 5.3% jump in pending sales, signaling that some buyers are taking advantage of current market conditions.