🏡 Market Pulse: Late Summer Snapshot

by Jane Kane

Rates Drop, Opportunities Rise

August brought welcome news: mortgage rates hit a 10-month low of 6.52%, sparking a 23% surge in refinance applications and renewed buyer momentum. Purchase applications rose 1.4%, now tracking 18% ahead of last year.

Buyer-Friendly Shifts
The housing market is rebalancing. Existing home sales climbed 2.0% in July, and inventory jumped 15.7% year-over-year to its highest level since May 2020—giving buyers more choices and leverage. Prices remain mostly flat, with some regions seeing declines.

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📊 Key Stats at a Glance

Metric Latest Data
Mortgage Rates 6.52% (30-year fixed)
Refinance Applications +23% week-over-week
Purchase Applications +1.4%, 18% above last year
Existing Home Sales 4.01M SAAR, +2.0% MoM, +0.8% YoY
Inventory 1.55M units, +15.7% YoY
Median Home Price $422,400, +0.2% YoY
Time on Market 28 days
Cash Sales 31%
Distressed Sales Just 2%

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🔍 Strategic Outlook: Refinancing & Regional Value

Fed signals suggest a possible rate cut in September, creating a prime window for refinancing—especially for those locked in above 7%. Regional price shifts offer value: the West saw a 1.4% decline, while the South dipped 0.6%, and the Northeast edged up 0.8%.

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💼 Smart Financing: No Ratio Program

For self-employed buyers, our No Ratio program simplifies qualification by focusing on assets—not income documentation. With 20–25% down and proof of six months’ mortgage reserves, closings are faster and smoother. Ideal for investors, entrepreneurs, and cash-based professionals.

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📣 Your Late Summer Review

With low rates, rising inventory, and flexible sellers, now’s the time to act. Whether you’re refinancing, buying, or exploring alternative financing, let’s tailor a strategy that fits your goals.

📬 Reach out for your personalized market assessment—or share this with someone who could benefit from today’s unique opportunities.