June 2026

 

Welcome to this month’s edition of the Mortgage Market Moment.

 

I genuinely enjoy writing this monthly newsletter… most of the time. When the inspiration is hitting, and the words are flowing, this monthly update practically writes itself. But when I’m staring down a blank page trying to figure out how or even where to begin, writing transforms into my total torture.

 

That was me in early July trying to summarize June’s mortgage and real estate market. Then it hit me. That feeling of not knowing where to start is exactly what many homebuyers experience. The market and the entire process seem confusing. There’s too much information. They don’t even know where to begin. So, instead of taking the first step, they put off moving forward just like I did with this update. When I finally forced myself to take the next steps, words and ideas started to come, and I was able to finish this newsletter. So, I encourage homebuyers to begin by just taking the next logical step.

 

By the Numbers

Here are a few highlights from June:

  • 30-year fixed mortgage rates generally remained in the mid-6% range, moving up and down as investors reacted to inflation reports, economic news, and geopolitical events.

  • Housing inventory continued to improve slightly, with a 1.8% increase in active new home listings compared to 1 year ago. While that may not sound like much, every additional listing gives buyers more choices and reduces bidding wars that have become common over the past several years.

  • Home prices are still rising, but at a much slower pace. National appreciation is averaging around 2-4% annually, which is much healthier than the rapid price spikes we experienced a few years ago.

  • Existing home sales ended June up 2.8% higher from a year ago.

What Does This Mean for Buyers?

If you’ve been waiting for the “perfect” time to buy, June offered yet another reminder that perfect timing is a bit like finding matching socks on laundry day – it happens occasionally, but it’s probably not worth waiting for. Buyers ready to move forward today are enjoying:

      •    More housing choices
      •    Less competition for those desired homes
      •    More negotiating power
      •    Increased opportunities for seller-paid closing costs

What About Mortgage Rates?

Mortgage rates continue to be influenced by inflation, expectations surrounding future Federal Reserve decisions, and happenings in the Middle East.

 

The Fed has remained cautious, wanting to see continued progress on inflation before making additional moves. While many economists still expect rates to gradually improve over the next several months, no one expects them to return to the 3% mortgages of a few years ago. The reality is today’s rates are much closer to long-term historical averages than many people realize.

 

Should You Wait?

This remains one of the most common questions we hear. The answer depends less on what mortgage rates might do next month and more on your personal situation. If you’ve found the right home, have stable income, and the monthly payment fits comfortably within your budget, waiting solely for rates to drop could mean paying more for the home later or facing additional competition if more buyers jump back into the market.

 

According to the National Association of REALTORS, the median existing home stayed on the market approximately 27–30 days in June. That’s considerably longer than homes often lasted 3-4 years ago, giving buyers more time to make thoughtful decisions. Even so, well-priced homes in desirable locations still don’t stay available for long.

 

Just a reminder – you can refinance a mortgage if rates improve. It’s much harder to go back and buy the house you passed up if someone else already owns it.

 

Don’t Overlook Refinancing Opportunities

Many homeowners assume refinancing only makes sense if interest rates fall dramatically. That’s simply not true. A refinance may be worth exploring if you want to:

  •     Eliminate private mortgage insurance
  •     Switch from an adjustable-rate mortgage to a fixed-rate loan
  •     Shorten your loan term and pay off your home faster
  •     Consolidate higher-interest debt
  •     Access cash from your home’s equity for renovations, education expenses, or other major financial goals
  •     Remove a borrower from a mortgage after a major life event such as divorce

With home values having appreciated significantly over the past several years, many homeowners have built substantial equity they may be able to put to work if it fits their overall financial plan. A refinance isn’t the right answer for everyone, but it’s certainly worth reviewing your options.

 

Looking Ahead

Most economists expect mortgage rates to remain somewhat volatile during the summer, but the general outlook still points toward gradual improvement over the next six months if inflation continues to ease. Inventory is expected to keep growing, giving buyers more options than they’ve had in several years. While home prices should continue appreciating, most forecasts call for modest gains rather than dramatic increases. In other words, the market is becoming more balanced, and that’s good news for everyone.

 

Final Thought

As we look back over June 2026, the current market is still not perfect. It seldom is. But I would argue it’s a healthier market than we have seen in the past several years.

 

If you’ve been putting off buying a home because the process feels overwhelming, don’t let “writer’s block” become “homebuyer’s block.” The perfect market rarely exists, but having a solid plan always does. One conversation today could be the first sentence in your homeownership story, and we’d be honored to help you write the rest.

 

Disclosures: We are an Equal Housing Lender. NMLS # 635768. Rates are national averages and move daily; your rate will vary based on credit, loan type, occupancy, down payment, lock period, and market conditions. This is not a commitment to lend. All information is believed reliable but not guaranteed; please verify key figures that affect your decision. Always consult a financial advisor or lender before making major financial decisions.