The Fed held rates steady again at its July meeting, the fifth pause in a row, keeping the benchmark rate in the 3.5% to 3.75% range. That rate doesn't set mortgage rates directly, but it shapes the overall borrowing environment, and the next Fed meeting isn't until mid-September — so don't expect a dramatic shift before then.
On the pricing side, national home values grew just 1.4% over the past year, one of the slowest paces we've seen in a while, and existing home sales have actually dipped slightly too. NAR's chief economist points to a familiar culprit: there still aren't enough homes for sale to give buyers real breathing room, even with rates and prices behaving better than they have in years.
Here's the part I think is genuinely useful for anyone on the fence: economists keep saying the same thing, which is that trying to time this market is a losing game. Rates might drop a little, inventory might grow a little, but nobody can promise conditions will be meaningfully better six months or a year from now. The real math is simpler than people think — a modest drop in rate can save you real money every month, but waiting for a "perfect" moment often just means paying more in the meantime. The better strategy is knowing your actual budget, staying flexible on size and location, and being ready to move confidently when the right home shows up.
If you're trying to figure out where you personally land in all of this — whether waiting makes sense for you or whether now's actually a smarter window than people think — give me a call. I'll walk you through your specific numbers, no pressure.
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