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Mortgage Rates Drop Ahead of Independence Day Weekend

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Mortgage rates continued to fall Thursday, slipping to a 12-week low ahead of the holiday weekend as markets awaited key economic data before the next Federal Reserve policy meeting.

The average rate on 30-year fixed home loans decreased to 6.67% for the week ending July 3, down from 6.77% last week, according to Freddie Mac. Rates averaged 6.95% during the same period in 2024.

It marked the biggest one-week decline in mortgage rates since March, and the lowest level for rates since early April, when President Donald Trump's Liberation Day tariff announcement sent long-term bond yields into nosedive.

However, this week there was little in the way of headlines to drive mortgage rates lower, and investors may have simply been repositioning their portfolios for the end of the month and the second quarter.

Financial markets had also been growing more optimistic about the chances of a Federal Reserve rate cut later this month—although those hopes were dashed on Thursday morning when the June jobs report showed robust employment growth that beat expectations.

Regardless of why they are falling, the move lower for mortgage rates ahead of Independence Day will come as welcome news for prospective homebuyers struggling to find a home in their budget.

"Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage,” says Sam Khater, Freddie Mac’s chief economist.

New listings and active inventory continued to rise on an annual basis for the week ending June 28, and homes spent longer on the market, according to the Realtor.com® economic research team's weekly housing update.

Mortgage purchase applications jumped 16% last week compared to one year ago, showing renewed interest from buyers after a slow spring season, according to data from the Mortgage Bankers Association.

The uptick follows sluggish activity in May, when sales of new homes dropped 6.3% compared to a year earlier, and existing home sales dipped 0.7% annually.

"The reduction in sales is leading to slightly higher inventory levels and will help create a more buyer-friendly housing market, but the process is expected to be a gradual one as economic uncertainty persists," says Realtor.com Senior Economist Anthony Smith.

How mortgage rates are calculated

Mortgage rates are determined by a delicate calculus that factors in the state of the economy and an individual’s financial health. They are most closely linked to the 10-year Treasury bond yield, which reflects broader market trends, like economic growth and inflation expectations. Lenders reference this benchmark before adding their own margin to cover operational costs, risks, and profit.

When the economy flashes warning signs of rising inflation, Treasury yields typically increase, prompting mortgage rates to go up. Conversely, signs of falling inflation or weakness in the labor market usually send Treasury yields lower, causing mortgage rates fall.

The mortgage rates you’re offered by a lender, however, go beyond these benchmarks and take some of your personal factors into account.

Your lender will closely scrutinize your financial health—including your credit score, loan amount, property type, size of down payment, and loan term—to determine your risk. Those with stronger financial profiles are deemed as lower risk and typically receive lower rates, while borrowers perceived as higher risk get higher rates.

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As Featured in West + Main Home Magazine: The House that Became a Home

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Rob + Jenn Bennett

““We love spending time here & hosting friends and family—it works so well for bringing everyone together.”
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— Rob + Jenn Bennett

When W+M agent Anne Collins’ clients, Rob + Jenn Bennett, purchased their home five years ago, they saw beyond the wear and tear of its rental years. Originally built in 2005, with an addition in 2012, the home had strong bones but needed some attention to bring cohesion to its various updates over the years.

“It just needed some love,” they said. Their vision was threefold: refresh the worn areas like bathrooms and flooring, create a more unified design between the original home and the addition, and transform the lower-level entry into a welcoming, functional space for both daily life and entertaining.

Since they were touching so many areas of the home, they knew professional guidance was essential. Designer Katie Becker helped them refine their style, ensuring consistent materials and finishes throughout, while contractor Richard Hedley and his team managed the execution. “Working with a designer was key,” they shared. “Her detailed plans and material selections allowed the contractor to provide an accurate estimate and kept the project on track.”

As the renovation progressed, their original scope expanded. Rather than taking on multiple projects over the years, they decided to complete as much of their wishlist as possible while the experts were already on-site. “We wound up replacing countertops and painting the kitchen island while we had the materials and tradespeople available,” they explained.

Now, the home finally reflects their lifestyle and tastes. Rob’s favorite transformation? The mudroom-turned-entryway. “It’s amazing how removing a half-wall and adding cabinetry totally transformed the space—both in look and functionality.” For Jenn, it’s the built-in bookcases in the lower-level den. “This all started because I ran out of space for my book collection,” she laughed. “Now, we have a beautiful focal point that completely changed how we use the room.”

Looking back, they’re grateful they took the leap when they did. “Instead of waiting for the ‘right time’ to make these updates, we get to enjoy them now,” they said. “We love spending time here and hosting friends and family—it works so well for bringing everyone together.”

 

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2025 Is All About Outdoor Living—and These Are the Upgrades Everyone Is Doing to Make the Most of It

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Homeowners across the U.S. are stepping outside and staying there. According to Thumbtack’s newly released 2025 Curb Appeal Report, created in partnership with Zillow, outdoor spaces aren’t just getting more attention this year—they’re redefining how people live at home.

Labeled "The Year of Outdoor Living," 2025 is all about bold outdoor upgrades, long wish lists, and an undeniable lifestyle shift. Based on data from over 1,000 homeowners and trending project insights, the report shows that today’s yards aren’t just places to grill, they’re designed to reflect personal style, bring comfort, and even rival indoor living spaces.

The Outdoor Living Boom

More than one in three homeowners now describe their yard as their sanctuary, and many are making big investments to create dream-worthy outdoor escapes. In fact, 71% of those surveyed said they’d consider going into debt to build the perfect space. Whether it’s a resort-style pool with a waterfall (the most desired feature overall), an outdoor kitchen with a pizza oven, or even a climate-controlled greenhouse, homeowners are reimagining what their yards can be.

The average costs of popular upgrades, based on Thumbtack and Zillow data, include:

  • Patio: $4,598

  • Fence: $3,314

  • Garden: $373–$1,382

  • Detached garage: $16,000–$37,000

  • Swimming pool: $1,500 to $85,000+

From Kitchens to Coops

According to the survey, homeowners are willing to give up indoor features, like kitchen islands, home offices, and guest bedrooms, if it means gaining more space or amenities outdoors. Even more telling: 60% of respondents admitted to canceling plans just to stay home and enjoy their yard, while more than a quarter spend 10+ hours a week outside.

And the vision for outdoor living is expanding; there's a growing interest in terms like “barn,” “farm,” and “horses.” More than 50% of homeowners say they’ve dreamed of owning a farm or horses, and 59% would even move farther from a city to have more land.

Not Everything Is a Hit

While many upgrades draw admiration, some outdoor trends are generating neighborhood side-eyes. The report states the following:

  • 27% of homeowners are over seasonal inflatables

  • 21% aren’t sold on faux grass

  • 18% say they'd skip the giant patio television trend in favor of nature

Still, most homeowners are willing to put in the work, and the budget, for spaces that bring joy and boost curb appeal. Top complaints include ongoing maintenance, like weed control and watering, but the desire for a beautiful, functional outdoor area often outweighs the hassle.

Cities Leading the Way

Some cities are paving the path in outdoor design. Based on project requests per capita, markets like Austin, Charlotte, and Atlanta are seeing high activity.

In 2025, curb appeal isn’t just about how a home looks, it’s about how it feels. Homeowners are embracing outdoor living as a lifestyle, and they’re ready to invest and even sacrifice to create spaces that truly reflect who they are.

Read more at Better Homes and Gardens

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Desperate To Sell But Can’t Afford Upgrades? Agents Recommend These Budget-Friendly Fixes

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If you're planning to sell your home soon, you've likely heard one phrase repeatedly: curb appeal. In other words, you have to make your well-loved, lived-in home catch the eye of potential buyers in the best possible way.

"Buyers are making decisions about your listing in the first seven seconds of arriving," says Tiffany Szakal, agent and managing broker at The Local Element in Grand Rapids, MI.

But it usually takes a lot of elbow grease—not to mention a large check—to spruce up your house to sell.

So what's a seller to do if they're strapped for cash and can't afford to replace the '90s linoleum floor in the bathroom with fancy new tile? (Or maybe you don't want to throw money at improvements you'll never get to enjoy.)

Don't sweat it. We gathered some cheap tricks from the pros that will make your home irresistible to homebuyers.

Paint the right rooms

Do you have a meager paint budget? Don't worry, you don't have to repaint the entire house in the latest trendy paint colors to impress homebuyers. But you should take a close look at the rooms homebuyers focus on the most.

"I think about bathrooms and kitchens," says Wendy Gladson, a real estate consultant at Compass in Los Angeles. "It doesn't take much paint because there are generally more cabinets than wall space."

Painting the living room is always a good idea, too, just because it's the first inside impression.

"Surprisingly, the garage door is something that should also be high on the priority list," says Gladson. "In some cases, it makes up 40% of the front of the home. And a quick coat of fresh paint will go a long way toward brightening the home's first impression."

And while buying paint, get some for the front door, too. Pro tip: Yellow and cherry red attract buyers.

Get discounted staging advice

Whether it's the paint colors or oddly arranged furniture, many homebuyers just can't get past what's in front of them and visualize how they'll make their home instantly appealing.

Home staging helps eliminate the guesswork, but the whole shebang of staging services can get pricey. Luckily, many stagers offer a consultation or hourly fee.

"It's a cheaper alternative to using all of their product, and sometimes something as simple as moving the sofa to a different position in the house makes a world of difference," says Gladson.

Also, stage your closets and pantry

Staging isn't just for furniture and artwork. Stage your closets, pantries, and cabinets to show their storage capacity. And since you can do this yourself, it will cost you nothing!

"An extra-full pantry and closet don't allow a buyer to visualize the space, especially in dark rooms or areas," says Martha Gaffney, a strategic real estate adviser at Real Estate Bees in Pelham, NY.

So remove half to one-third of the stuff in your closet, pantry, and cabinets. Homebuyers should be able to see most of the floor and the ceiling.

Restore dull and drab wood floors

Refinishing hardwood floors is pricey.

Yet you can easily breathe new life into old floors and even fill in scratches by mopping on a water-based polyurethane wood floor restorer to get back that rich, high-gloss finish of a newer floor.

And one application should last through all the foot traffic of your open houses.

DIY upholstery cleaning

Sure, there are other things you would rather do on a Saturday than lug around a rented carpet and upholstery cleaner from room to room. But it is a chore that pays off, especially when you have pets.

Homebuyers pick up pet smells as soon as they walk through the front door. But the sellers tend to be nose-blind and don't realize how badly Fido is stinking up the home.

So invite your brutally honest friends over after you clean all the pet areas. If they still smell pet-related odors, find the culprit and deodorize it.

Let there be light

Natural light makes a home feel larger, cleaner, and more inviting. And if your home is lacking natural light, there's an easy trick to let more light in instantly.

"Wash your windows and remove the screens as they filter light," says Gladson. Install full-spectrum lightbulbs that mimic the midday sun for rooms lacking in natural light.

Renovate on the cheap

Consider second-hand stores when you want to make a few improvements but have limited funds.

"I highly recommend your local Habitat for Humanity ReStore," says Szakal, of The Local Element.

"They have a ton of renovation items, including paint, cabinets, hardware, appliances, tile, etc., for affordable prices," says Szakal. "And a big bonus is that your purchase helps contribute to affordable homeownership in your community."

Don't forget the yard, either. Grab some garden gloves and tools and tidy things up.

"This is a high-impact, no-to-low-dollar investment area where a seller can make a huge difference," she adds.

Read more at Realtor.com

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'Petios' Are Trending—and They’re the Cutest Way to Spoil Your Dog or Cat

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Pet parents will do just about anything to keep their furry friends happy—and that includes making sure that their outdoor spaces are just as welcoming as their indoor spaces. That's ushered in the rise of the petio—a pet-focused portion of the backyard, balcony, or porch.

Ready to spoil your own cats or dogs? Here's everything you need to know to create your very own pet-friendly area in your backyard, balcony, or other outdoor space.

What Are Petios?

Just like patios allow you to relax and enjoy the outdoors, a petio is an animal-focused area that allows your pet to have a little fresh air fun. "Outdoor spaces are extensions of the home, and that includes every member of the household—pets very much included," says Kevin Lenhart, design director at Yardzen. "Designing for pets, whether cats or dogs, means creating a space that supports their safety, health, and natural behaviors while also aligning with the homeowner’s lifestyle and aesthetic goals." (Yes, your pets have to share the space with you, too!)

You can thank cat owners for starting the trend with "catios," enclosed outdoor spaces that allowed indoor-only cats the chance to enjoy a little fresh air. "For cat owners, especially, there’s growing interest in safe, stimulating outdoor spaces," says Melissa Handy, senior vice president at Lowe's, which offers petio blueprints to help you plan out pet-friendly areas for your yard. "What started as the ‘catio’ trend has now inspired broader ideas like the petio. In fact, 65% of pet owners say they’ve made outdoor design decisions based on their pets, and many have created spaces that allow pets to interact with nature while still being protected."

Popular Outdoor Features for Your Pets

"To create a proper petio, you'll want to consider exactly what your pets need and want," Hardy says. "We’re seeing people prioritize both practicality and play—everything from artificial turf zones and raised potty patches to agility parks and shaded splash areas."

Some common petio features, according to Lenhart:

  • Pet relief areas with proper drainage and easy-to-clean surfaces

  • Shade structures and cooling zones like pergolas or umbrellas to offer comfort during warmer months

  • Paths and open areas that allow dogs to run or patrol, especially along the perimeter of the yard

  • Enclosed spaces such as catios or fencing with dig guards for pets prone to escape

  • Water features that double as a source of hydration and enrichment

  • Durable, pet-safe plants that can handle some roughhousing and are non-toxic

Tips for Creating the Perfect Petio

You don't have to commit to a big, expensive redo to make your yard pet-friendly—just a few key strategies can help ensure that your existing space works for everyone (including your animal companions).

Study your pet's passions

"Start by thinking about your pet’s natural behavior—whether that’s lounging in the sun, running laps, or watching the world go by—and create zones that reflect those habits while still feeling good for you, too," Handy says. "That could be a comfy seating area paired with a nearby turf patch, or a play space surrounded by shade and greenery." For instance, if your pet balks at bathtime, you probably only need a water feature that lets them drink—not a full-on pet pool for them to cool off.

Choose heavy-duty ground cover

As anyone with dogs can tell you, an active dog can really tear into a patch of grass—either by roughhousing or digging. You'll want to choose something that's durable and can stand up to active puppy play. "That might involve using tough, pet-safe ground covers like clover or no-mow grass alternatives," Lenhart says. "We often recommend decomposed granite or artificial turf in high-use areas to reduce wear and tear." If you do go for artificial turf, Lenhart recommends ensuring that it has proper drainage and an antimicrobial infill to reduce the potential for doggy odor. And if you opt for gravel or mulch, check that it's pet safe. "Cocoa mulch should be avoided since it is toxic," he says.

Ensure that your pets are protected

The last thing you want is for your pet to get hurt or lost while they're enjoying their little patch of the great outdoors. So make sure that you have tall, secure fences to help keep your pets in—and that the gap between the fence and the ground is too small and too secure to allow them to dig their way to an escape. Many pet rescues require a six-foot high fence, especially for large or very active breeds.

For cats, you'll want to allow them to climb and observe—without allowing them to pop over the fence. "A catio is a screened-in patio extension that lets cats experience the outdoors while staying protected from predators or traffic," Lenhart says. "These enclosed or elevated areas offer enrichment and peace of mind."

Give them a spot to rest and recover

Just like you like to lounge in a hammock or sofa, your pets will appreciate a perfect spot for a nap. Elevated pet beds make it easier for pets to stay cool during the summer—and placing it in a shady area ensures that they can avoid getting overheated.

You'll also want to make sure that your pets have access to water while they're outside, so they can grab a cool drink after playtime. If you won't be around to keep refilling a bowl, you can opt for a water fountain feature that holds more water so it won't run dry—and keep it moving to avoid it becoming a breeding ground for mosquitoes.

Consider what your pets love to do

If your dogs are all in on splashing through water, a kiddie pool or other splash-tastic spot is definitely in order. But that's probably not going to endear you to cats. "For cats, the focus is more on safety and exploration," Lenhart says. "Cats love to climb and observe their surroundings, so we may incorporate vertical elements such as shelves."

Pick pet-friendly plants

You want to ensure that your pets can't get into plants that'll harm them—and there are a surprising number of common outdoor plants that are toxic to pets—including sago palm, hydrangea, oleander, and certain types of lilies, Lenhart says.

Some pet-friendly plants include herbs like oregano, lavender, rosemary, and thyme; camellia, crape myrtle, forsythia, sunflowers, and petunias. For cats, a patch of catnip or cat grass would be a welcome addition to their space.

Work it into your own backyard design

Your outdoor space doesn't have to entirely be for the birds (or cats or dogs). You can often find attractive pet beds, shelter, and water elements that work with your own design. "These features don’t have to look what you would find at the dog park," Handy says. "With the right materials and product choices, these features can integrate seamlessly with the home’s overall style."

Read more at Real Simple

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