Mortgage Rates

Holding Steady — Mortgage rates remained relatively unchanged this month, with the average 30-year fixed mortgage at 6.49% during the final week of June. Rates have hovered in the mid-6% range for the past six weeks, remaining below where they were a year ago.

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

Homes Prices

Location Matters —  Home prices continue to rise, with the median U.S. home sale price reaching a record $408,814, up 2.5% from a year ago. While national prices remain strong, local markets are beginning to tell their own stories. Areas with increased housing inventory are seeing prices level off or decline slightly, while markets with tighter supply continue to experience steady appreciation.

Housing Supply

A Slowing Balance —  New listings slowed in June, with the number of homes coming onto the market falling to its lowest level since February. Many homeowners continue to hold onto the low mortgage rates they secured in recent years, limiting the number of homes available for sale. While inventory remains significantly improved compared to the tight conditions of the past few years, the pace of new supply has eased, keeping many local markets balanced rather than oversupplied.

Market Activity

Room to Grow —  Homebuying activity slowed modestly this month, with pending home sales and mortgage purchase applications easing from their May highs. Even so, buyer demand remains stronger than it was a year ago, with pending sales continuing to outpace last year’s levels across every major region. As inventory has improved, buyers are finding more opportunities to negotiate, with nearly half of home sellers offering concessions in May.