07/08/2025
Just a couple little tidbits. Will interest rates go down in July? Well, here is the mortgage forecast for next week (July 7-11). Mortgage rate decrease for the fifth consecutive week. The average 30-year fixed rate mortgage dropped to 6.67% in July 3 from 6.77% on June 26, according to Freddie Mac. It marks 24 straight weeks below 7% for the average 30 year loan.
This was the largest weekly decline since early March. Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage. Are we trending downward? Looks like it.
Now, that brings up another aspect of this industry. We all got used to it being a seller's market for so long, people are not understanding the change, as subtle as it has been. Even some of our agents who got into the business during the past few years are having a hard time dealing with the changing market. We had very low inventory for a few years and that gave the sellers the advantage. And drove prices up! Now with more than 4 times the inventory, buyers have more to chose from and less competition. Buyers are exhausted and some have given up altogether. But hang in there. The market is leveling the playing field and buyers will have a much better chance of getting the home they want without being pushed into paying more than the asking price.
Things are changing so stay tuned for more as it develops. And just in case you are looking, I have this exceptionally nice listing in Mead. We just price adjusted it to $599,999. Super nice home. Take a look.
