Mortgage Rates Slide as Buyers Stay on Sidelines, Industry Updates Follow

Mortgage rates fall to their lowest in nearly a year while Redfin finds cheaper monthly payments aren’t reviving buyer demand, even as brokerages expand and tenant-landlord disputes emerge.

A drop in borrowing costs driven by expectations of a Federal Reserve rate cut sent the average 30-year fixed mortgage rate down to 6.35% today, marking its lowest level since October 2024. Yet, a new Redfin report reveals median U.S. monthly payments have dipped to $2,593 without spurring the anticipated rush of homebuyers.

Mortgage Rate Slide Mortgage rates fell sharply on expectations that the Fed will cut interest rates at its September meeting, easing long-term borrowing costs. The average 30-year fixed rate declined from 6.44% last week to 6.35%, while refinance rates also reached near-year-low levels.

Redfin Findings

• Despite a 6% drop in monthly mortgage payments to $2,593, home-buyer traffic remains subdued.
• Buyers cite lingering affordability pressures and high prices as barriers, even with lower rates.

Landlord Deposit Dispute A New York Times analysis warns tenants to document property condition meticulously, after courts upheld landlords’ rights to withhold deposits over disputed damages. Photographic evidence at move-in and move-out is advised to avoid costly legal battles.

Brokerage Expansion FirstTeam Real Estate opened its inaugural Washington state office, while CBRE acquired a $1 billion Florida sales team. Luxury duo hires at The Agency in New York signal continued consolidation among top brokerages.