The real estate market is moving fast right now, and mortgage rates are the big lever driving it. After sitting above 7% for much of the year, we’re seeing rates slide back into the mid-6% range, and that’s creating ripples across the market. Buyers who had stepped away are creeping back in, refinances are ticking up, and sellers are paying close attention to how this shift impacts pricing power. Every small change in rates translates into a big change in monthly payments, which is why this moment matters so much.
But rates don’t move in isolation. The next big number to watch is unemployment. When September jobs data drops at the start of October, that will shape what the Fed does next—and in turn, how mortgage rates behave through the end of the year. If unemployment rises, we could see even more downward pressure on rates. If it stays strong, rates may stall or bounce back up. There are a lot of moving parts, inventory, inflation, investor activity, but right now, mortgage rates are the key that unlocks the direction of this market.
Here are some headlines for today…
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When big money makes a move, pay attention. Brookfield is close to buying Yes! Communities, a massive manufactured home landlord, for more than $10 billion. Why does this matter? Because institutional investors don’t chase sectors they think are weak. They see affordable housing as resilient, cash-flow rich, and positioned to grow. That’s a signal for agents and investors alike: manufactured housing isn’t fringe — it’s becoming a mainstream play.
Source: Reuters
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More than 35,000 properties across the country got foreclosure filings last month — an 18% jump from a year ago. These aren’t 2008 levels, but it shows where the pressure is building: owners squeezed by rising costs, higher payments, and job insecurity. For agents, this is an early lead source. For buyers, it’s a potential entry point. And for the market, it’s a flashing yellow light.
Source: ATTOM Data / HousingWire
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For the first time in years, people are moving again. Mortgage demand just hit its highest level since 2022 as rates slid lower. Both purchases and refinances jumped. This isn’t just about math — it’s about psychology. When rates fall, buyers who’ve been sitting on the sidelines suddenly feel urgency. That’s when you step in: explain the real numbers, but also capture the moment of confidence.
Source: CNBC
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The 30-year fixed rate has dropped to 6.49%, the lowest in nearly a year. That’s still not “cheap” by historic standards, but it’s breathing room. Buyers see the difference immediately in monthly payments. The market won’t reset overnight, but this is the kind of shift that sparks activity. Agents who understand how to break down the savings for buyers are going to win the conversation.
Source: Wall Street Journal
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Even with rates easing, housing affordability is at its worst point in decades. The average homeowner payment is about $2,035/month, while new buyers are closer to $2,225/month. Renters aren’t spared — median rent is up 4.1% to $1,307. These numbers outpace wages, inflation, and everything else. The message: affordability is the battleground. For agents, that means focusing on creative financing, grants, and clear explanations of the trade-offs buyers and sellers face right now.
Source: Redfin