Mortgage Rates

Little Change — Mortgage rates remained relatively unchanged throughout August, with the average 30-year fixed-rate mortgage at 6.66% as of August 27. While rates have yet to make the drop many buyers hoped for this year, the relative stability makes it easier to understand and plan for what a home purchase could look like today rather than trying to time an unpredictable market.

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

Homes Prices

Growth is Slowing — Home prices are still rising nationally, but at a much slower pace than buyers have experienced in recent years. In July, the median price of an existing home was up 1.9% compared with the same time last year. As buyers become more selective, sellers may need to be thoughtful about how they price their homes from the start. For buyers, slower price growth is a welcome shift, even as affordability remains a challenge.

Housing Supply

Competition Cools — Buyer activity slowed in August, with pending home sales falling to their lowest level in six months by late August. Homes are also receiving fewer offers, and fewer are selling above asking price compared with recent years. As a result, bidding wars are less common, giving buyers more time and negotiating power.

That doesn’t mean competition has disappeared entirely. Desirable, well-priced homes can still move quickly, but overall, the pace of the market has become more manageable for many house hunters.

Market Activity

Competition Cools — Buyer activity slowed in August, with pending home sales falling to their lowest level in six months by late August. Homes are also receiving fewer offers, and fewer are selling above asking price compared with recent years. As a result, bidding wars are less common, giving buyers more time and negotiating power.

That doesn’t mean competition has disappeared entirely. Desirable, well-priced homes can still move quickly, but overall, the pace of the market has become more manageable for many house hunters.