Mortgage rates have just dipped to a 10-month low, with the average 30-year fixed rate now around 6.58%, down from 6.63% last week. That’s giving many homebuyers and sellers a reason to reassess their timing.

What This Means for Buyers

• More affordability: Even a small rate drop can reduce monthly payments by hundreds of dollars, especially for first-time buyers working within tight budgets.

• Less competition—for now: While rates are still relatively high, fewer buyers are in the market, which means less chance of bidding wars.

• Window of opportunity: If rates continue to fall, more buyers may jump in, driving prices up again.

What This Means for Sellers

• Improved buyer sentiment: Lower rates tend to bring hesitant buyers back, which could boost demand for your listing.

• Timing matters: If you're sitting on a low-rate mortgage, selling now might mean trading up to a higher rate, but the right time isn't always rate dependent, there are other factors to consider like the right timing for you, the need to relocate, downsizing, or upsizing.

Bottom Line

If you’ve been waiting for a sign, this rate drop could be it. Whether you’re buying or selling, it’s a good time to run the numbers and explore your options.

Want help comparing scenarios or calculating affordability? I can walk you through it.