Mortgage Rates Drop Near Three-Year Low as Homebuyer Demand Stalls

Reuters10-23

Mortgage Rates Drop Near Three-Year Low as Homebuyer Demand Stalls

Rocket Companies Inc., through real estate brokerage Redfin, has reported that U.S. mortgage rates have dropped to a three-year low, with the daily average at 6.17%. This decrease has modestly increased homebuyers' purchasing power; for example, a buyer with a $3,000 monthly budget can now afford a $473,750 home, up from $447,750 a year ago. Despite this improvement, buyer activity remains subdued, with pending home sales down 0.7% year over year and only slight gains in Redfin's Homebuyer Demand Index. The median U.S. home sale price reached $391,250, a 2% increase-the largest in six months. New listings are up 4.6%, while active listings rose 7.1%, the smallest increase since early 2024. The market is becoming more balanced with 4.6 months of supply, though homes are taking longer to sell, with a median of 48 days on the market. Only 23% of homes sold above list price, down from 26% last year, indicating less competition among buyers even as affordability improves.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Rocket Companies Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20251023814139) on October 23, 2025, and is solely responsible for the information contained therein.

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