Is It a Good Time to Buy a House?

• ❌ Rising home prices, combined with inflation, are squeezing buyers’ budgets. 
• ❌ Nationally, there still aren't enough homes for sale to meet demand, keeping prices elevated.
• ✅ Mortgage rates are lower than they were this time last summer — helping buyers stretch their dollar further.
• ✅ Price cuts are becoming more common as the summer market cools.

• Mortgage rates
• Inflation and the economy
• Inventory
• Home prices
• Home sales
• Competition 

Average weekly mortgage rates

• 📍 Right now: Mortgage rates today 
• 📈 Looking ahead: Mortgage interest rates forecast
• 🤔 Shopping around: How to get the best mortgage rate

• 🤔 Consider pausing: If your finances feel shaky — for example, you’re worried about job security or paying bills — it’s wise to hold off.
• 😌 Stay the course: If your income is steady and your budget says the numbers work, don’t let scary “what if” headlines throw you off track.

• Nationally, the market is balanced and slowly heading toward a buyer-friendly direction.
• Buyer’s markets are emerging in many areas, especially the South and West. 
• Seller’s markets are strongest in portions of the Midwest and New England.

• 📈 Buyer’s market = high inventory. Buyers have lots of choices and can take their time. Price cuts are common. Buyers might ask sellers to cover some costs or fees.
• 📉 Seller’s market = low inventory: Buyers have fewer choices. Prices and competition heat up. Expect multiple offers above asking price.
• ⚖️ Balanced market = enough homes to go around: Supply and demand are roughly even. This generally happens when a local market has about six months’ worth of available inventory.

• Midwest: $346,600, up 2.7%
• Northeast: $564,800, up 3.9%
• South: $377,700, up 0.9%
• West: $633,600, up 0.9%

• Bidding wars aren’t the norm. A home listed for sale received an average 2.2 offers in June, flat from last month and down from 2.4 offers per home last year.  For context: In the era of hot bidding wars in 2021 and 2022, the average was around five offers per home.
• Few homes are selling above list price. In June, 21% of homes sold above list price, down from 25% last month and unchanged from last year.
• Homes are staying on the market longer than last year. Houses stayed on the market for a median 28 days in June, down from 29 days last month but up from 27 days last year.

• ✅ Stability: You have steady income and employment, and you’re ready to stay in one place for several years.
• ✅ Lifestyle fit: For first-time buyers, you’re up for the responsibility of paying for maintenance and repairs. For repeat buyers, your current home no longer meets your needs: You’re ready for more space, a new neighborhood or to downsize.
• ✅ Savings: You'll need money for a down payment and closing costs, as well as for moving costs and other expenses.
• ✅ Low debt: Your debt-to-income ratio (DTI) shows how much of your monthly income goes toward paying debt (like student loans, car payments or credit cards). The lower your DTI, the better your mortgage rates and terms. A DTI of 36% or below is most attractive to lenders.
• ✅ Good credit score: Borrowers with credit scores of 740 and above get the best mortgage rates and terms. It’s possible to qualify with a score in the 600s, but your options are limited.