Mortgage rates jumped to 6.51%, which is still lower than last year (6.86%). While the economic uncertainty over the Iran war is n9t likely to drastically change things any time soon, there were some positive trends that are encouraging.
First, pending sales continue to rise – up 1.4% over April and 3.2% over 2025.
The other positive is that down payments have fallen (although still above pre-pandemic levels) which means that lower listing prices coupled with an increase in government backed loans (VA, FHA, USDA) have successfully lowered the down payment requirements.