Mortgage rates rose this week after several weeks of declines

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U.S. existing-home sales dipped 0.2% in August, holding at a 4.0 million annual pace.
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Regional sales were mixed: Midwest and West posted gains, while the Northeast and South declined.
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Housing prices continued their upward streak, with the national median hitting $422,600.
While sales of newly-built homes surged in August, existing-home sales declined by 0.2%, according to a report from the National Association of Realtors.
The modest movement reflects ongoing challenges in affordability and supply, even as mortgage rates eased significantly during the month and more inventory reached the market.
Sales trends varied across the country. The Midwest led the way with a 2.1% increase month-over-month and a 3.2% jump year-over-year, lifted by lower-than-average home prices. The median price in the region was $330,500, 22% below the national median.
The West also saw gains, up 1.4% from July, although sales remained down 1.4% compared to the same period last year. The South and Northeast lagged, with declines of 1.1% and 4.0% month-over-month, respectively.
Relatively affordable conditions in the Midwest made it the best-performing region last month, said Lawrence Yun, NARs chief economist.
Prices continued to rise
Nationally, the median existing-home price rose to $422,600, a 2% increase from August 2024. This marks the 26th consecutive month of year-over-year price growth. Single-family homes carried a median price of $427,800, while condos and co-ops averaged $366,800.
Despite affordability constraints, Yun noted that record-high housing wealth and a record-high stock market could encourage existing homeowners to upgrade, especially in higher-priced markets.
The total housing inventory in August stood at 1.53 million units, down 1.3% from July but up nearly 12% from a year ago. That represents a 4.6-month supply, unchanged month-over-month.
Homes lingered longer on the market, with a median of 31 days to sell, compared with 28 days in July. First-time buyers accounted for 28% of sales, while cash purchasesonce elevatedslipped to 28% from 31% the prior month.
Mortgage rates may be rising again
Homebuyers may face new headwinds as September winds down. Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.30% this week, an increase after several weeks of declines.
Following several weeks of decline, mortgage rates inched up this week, said Sam Khater, Freddie Macs chief economist. Housing market activity continues to hold up with purchase and refinance applications increasing by 18% and 42%, respectively, compared to the same time last year.
Latest rates
The 30-year FRM averaged 6.30% as of September 25, 2025, up from last week when it averaged 6.26%. A year ago at this time, the 30-year FRM averaged 6.08%.
The 15-year FRM averaged 5.49%, up from last week when it averaged 5.41%. A year ago at this time, the 15-year FRM averaged 5.16%.
Posted: 2025-09-26 11:15:52