With interest rates at their lowest this year, buyers entering the fall market have a rare chance to secure affordable financing.

Have you heard the latest about interest rates? They’re at the lowest they’ve been all year, and that’s big news for 2025. We’re also keeping an eye on September because there’s a big chance the Federal Reserve will drop rates again. If you’re in escrow when that happens, you could lock in an even better rate.

We’ve got more happening in the market right now. Here’s what matters most right now.

September could be a great time to buy or refinance. A couple of lender friends I work with have told me they’re offering zero-cost refinances within the first year if rates drop. That means if you buy now and rates go down later this year, you could refinance with them without paying any extra fees. It’s a nice safety net to have, especially in a changing market.

“September could be a great time to buy or refinance.”

On a side note, kids will be heading back to school soon, and that always brings a shift in the pace of things around here.

Market snapshot. Last July, we had 142 home sales. This July, we saw 144, which is about a 1% increase. The average sales price last year was $1,160,000, and this year it’s up to $1,277,000, which is about a 10% jump. Interest rates at the end of July 2024 were 6.674%, compared to 6.772% this year. It’s a slight increase, but rates have actually dipped since then.

Things are shaping up for a great start to the fall season, and I’m looking forward to seeing how the market moves as rates shift. If you’ve got any questions about the market, interest rates, or how refinancing works, I’m happy to explain. You can call me at 818-953-5300 or send an email to brad@bradkorb.com. I’d love to hear from you.