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Homebuyers finally responded, after mortgage rates hit lowest level in three months

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A brief drop in interest rates caused a strong bump in otherwise tepid mortgage demand. Total mortgage application volume jumped 9.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Last week’s results included an adjustment for the July Fourth holiday.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased to 6.77% from 6.79%, with points holding steady at 0.62, including the origination fee, for loans with a 20% down payment. That was the lowest level in three months.

Applications to refinance a home loan rose 9% for the week and were 56% higher than the same week one year ago. Refinance demand has been particularly weak because mortgage rates were stuck at high levels for so long.

Applications for a mortgage to purchase a home also rose 9% for the week and were 25% higher than the same week one year ago.

“Homebuyer demand is being fueled by increasing housing inventory and moderating home-price growth,” said Joel Kan, vice president and deputy chief economist at the MBA. “The average loan size on a purchase application, at $432,600, was at its lowest since January 2025.”

While purchase mortgage demand has historically trended pretty closely with actual home sales, there are a lot of unusual factors in today’s market. Consumer sentiment is unsteady, and cancellation rates on contracts have been high for both new and existing homes. So far, pending sales, which represent signed contracts, have not been rising along with mortgage demand.

Mortgage rates began climbing again just before the July Fourth holiday, and are up again this week so far, according to a separate survey from Mortgage News Daily. It may not, however, be a sign of a stronger move higher.

“We often tend to see slightly brisk movement in the opposite direction after experiencing a consistent trend in the other direction. The month of June was arguably such a trend, and it took rates to their lowest levels in several months,” wrote Matthew Graham, chief operating officer of Mortgage News Daily. “Apart from the last few days of June, today’s rates are still the lowest since late April.”

Read more at CNBC

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As Featured in West + Main Home Magazine: Mermaid Tile + Modern Vibes

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A Townhome Revamp with Bev Marsh

“ “After 17 years, including a decade as a rental, it was ready for a glow-up.”
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— Bev Marsh

When W+M agent Bev Marsh decided it was time to give her longtime townhome a facelift, she had one goal in mind—lighten, brighten, and bring it back to life. “After 17 years, including a decade as a rental, it was ready for a glow-up,” she says. And with her daughter moving back in post-college, the timing was perfect.

Calling in the expertise of Harmonious Mountain Renovations, led by Natasha Fox, Bev had a vision, and Natasha helped make it a reality. “She suggested things I hadn’t even thought of,” Bev shares. “At the end of the day, I was so happy to partner with a great renovation company.”

While the project was mostly straightforward, a few surprises popped up along the way—including the discovery of the perfect mermaid tile, which quickly became the star of both the fireplace and kitchen backsplash. “We are in love with it,” Bev laughs.

Of course, no renovation comes without a few budgetary twists. “I didn’t realize how expensive flooring was,” she admits. “But I didn’t want the cheap stuff since I don’t plan on replacing it for another 20 years.” And while new backsplash and lighting weren’t originally in the plan, they became must-haves as the project evolved.

The final result? A stunning, airy kitchen featuring Tradewinds blue cabinets (Sherwin-Williams), Valor Gold Quartz countertops, and gold hardware that perfectly ties it all together. 

“We found a great remnant piece for the counters, which saved us some money,” Bev adds. And with new flooring from Carpet Direct and stylish tile from Floor & Décor, the entire space feels fresh and modern.

So, what’s her advice for anyone tackling a similar renovation? “Hire a professional!” she says without hesitation. And if she had to sum up the whole transformation in one phrase? “Kitchen Glow-Up—Mermaid Style!”

 

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Furry Friends and Fireworks - Fourth of July Pet Safety Tips

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Fourth of July brings exciting celebrations across the country, from parades and family gatherings to eye-catching fireworks displays. However, these festivities can be overwhelming for our beloved pets.

Fireworks can be scary and stressful for pets, leading to anxious behavior or even causing them to hide or run away in fear. Unfortunately, July 5th is the busiest day of the year at many animal shelters because many pets go missing after the big night.  

The good news is a few simple precautions can help you keep your pet safe and happy during the holiday weekend. American Humane Society is sharing veterinarian approved Fourth of July pet safety tips to help keep our beloved pets comfortable and safe over the holiday weekend. 

8 Tips to Keep your Pets Safe this Fourth of July 

  1. Your pets won’t enjoy the fireworks display, so leave them at home! Keep them inside, and if possible, shielded from loud noises. Keep windows closed and draw the shades to minimize the sound and flashes of light. 

  2. Be sure that all ID tags are properly affixed to your pet’s collar and that they have your current contact information, including cell phone number(s). 

  3. Update your microchip registrations and pet license information to ensure they are current. 

  4. If loud noises upset your pets, do not leave them alone; ensure someone can stay with them. 

  5. If you’re the one staying with them, act calm and give them reassuring pets and physical touch, pets, belly rubs, etc.; animals look to you to see how you’re reacting.  

  6. Look into commercially available products that help to reduce stress, like species specific pheromones. 

  7. If you think your pets might need medication to help ease their stress, consult your veterinarian well in advance. 

  8. Contact an animal behaviorist to work with your pets on their fears. With some positive reinforcement and behavior modification training, by next Independence Day, you all may be worry-free! 

With these tips and tricks, we can keep our furry companions relaxed throughout the holiday—and make sure the Fourth of July is a joyful occasion for all.

Celebrate safely and happily this Independence Day—your pets will thank you. 

Still have questions about keeping pets safe? You’re not alone. Here are some Frequently Asked Questions (FAQ) about Fourth of July fireworks and pet safety: 

FAQ: 5 Common Questions about Fourth of July Fireworks & Pet Safety  

Q: Should I take my pet to watch fireworks? 
A: During a firework display, it’s best to leave your pet indoors and at home where they feel safe and comfortable. Close your windows and draw the blinds to reduce light and sound exposure. 

Q: What should I do if my pet is scared of loud noises? 
A: Do not leave your pet alone during a firework display if they are scared of loud noises. Stay home with them and provide comforting physical contact. You can also try calming products designed for pets or consult your veterinarian about possible medications. 

Q: Why is July 5th a busy day at animal shelters? 
A: Many pets become frightened by the loud fireworks on July 4th and may escape from their homes. Shelters see a surge in lost animals the following day as families search for their scared companions. 

Q: How can I make sure my pet doesn’t get lost on the Fourth of July? 
A: Staying with your pet indoors is the best way to avoid losing them on the Fourth of July. Also ensure your pet wears a collar with up-to-date ID tags and that their microchip registration and pet license information are current.  

Q: Can training help my pet handle fireworks better? 
A: Working with an animal behaviorist using positive reinforcement and behavior modification can help reduce your pet’s fear over time, making future holidays less stressful for everyone. 

Read more at American Humane Society

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The Case for Home Staging—and How It Pays Off

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Looks matter when it comes to real estate—and taking the time to spruce up a home before the for-sale sign goes up could lead to a faster sale that nets a homeowner more money, according to the newly released 2025 Profile of Home Staging, a survey of about 1,200 real estate professionals conducted by the National Association of REALTORS®.

Indeed, about 30% of real estate professionals reported that staging boosted home values by 1% to 10%, the survey finds. More specifically, nearly 20% of listing agents said offers increased by 1% to 5% compared to similar, un-staged homes, while another 10% of agents reported a 6% to 10% jump in offers, which they attributed to home staging.

On a $400,000 priced home, staging could potentially lead to a $4,000 to $40,000 boost in the sales price.

Speed of sale was another advantage agents attributed to home staging: About half of real estate pros surveyed said that staged homes tended to sell more quickly than their un-staged counterparts. Eighty-three percent of buyers’ agents said staging made it easier for home shoppers to envision a property as their future home.

The impact of staging often begins before a buyer ever sets foot inside. “We know most home buyers start their search online, so first impressions are really important,” says Chris Lim, executive vice president and chief growth officer at RE/MAX. “Buyers may forgo seeing a home if it doesn’t show itself in a certain way online.”

In fact, one in three buyer’s agents reported that clients were more likely to schedule a showing after seeing a staged home online, the NAR report shows.

Most Important Spaces to Stage

The survey found that agents prioritize the following rooms in staging for prospective buyers:

  • Living room

  • Primary bedroom

  • Kitchen

  • Dining room

  • Outdoor spaces

Meanwhile, agents placed less emphasis on staging guest bedrooms and children’s rooms, according to the report.

Home Checklist for Sellers, According to Agents

Absent of formally staging a property, real estate agents say they often advise their sellers to spruce up their home if they want to appeal to today’s more discerning, HGTV-loving buyers. After all, 58% of real estate professionals report that buyers were disappointed when the homes they visited didn’t live up to what they saw on TV.

As such, more than half of real estate agents said that they suggest these common home improvements to sellers before listing the property:

  • Decluttering

  • Full-home cleaning

  • Enhancing curb appeal

  • Taking professional photos

  • Minor repairs

  • Carpet cleaning

  • Depersonalizing

  • Paint touch-ups or repainting

  • Landscaping

  • Re-grouting tile

  • Removing pets during showings

Read more at NAR

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Tackling Home Financing and Down Payment Misconceptions

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Despite the current attention around buyers paying all-cash for homes, the majority of home buyers finance their home purchase.

Among primary residence buyers, 74% percent financed their home purchase, a share that rises to 91% among first-time buyers. When financing a home, buyers typically have a down payment. But how much is it? And where does it come from?

Two of the biggest unknowns among home buyers are as follows:

  • What is the typical down payment?

  • What is needed to enter homeownership?

This critical knowledge informs the potential buyer on just how much to save and—just as importantly—how long that process may take. Seeking the right source is better than relying on outdated information or, worse still, misinformation. Unfortunately, 97% of NAR members surveyed worked with clients who consulted family members for advice, instead of a real estate agent, even if the family member would not live in the home. Let’s take a look at the real data.

While many potential buyers believe they need a down payment of 20% for their first home purchase, the typical down payment for first-time buyers has ranged from 6% to 9%, dating back to 2018. Going way back to 1989 (when the NAR first started collecting this data), the typical down payment has only ever been as high as 10%. However, for repeat buyers, the typical down payment was 23% last year. In recent years, the down payments for repeat buyers have steadily increased as housing equity for owners has grown. By contrast, in 2014, repeat buyers put down only 13% of the purchase price as a down payment.

Buyers have many loan options. The majority of all buyers use conventional financing to purchase a home. Among first-time buyers, 29% used an FHA loan. FHA loans allow borrowers to put down just a 3.5% down payment. Nine percent of first-time buyers used a VA loan. For VA loans, no down payment is required.

A mortgage broker or housing counselor can discuss the loan options available to buyers. Another resource for potential home buyers is the Down Payment Resource. There is an interactive website that directs potential buyers to state and local programs for which they may qualify. Programs may be available in local areas to assist with down payments, but also with student loans, property taxes, and even home renovations.

The last question may be this: Where does that down payment money come from? For nearly 70% of first-time buyers, the source of their down payment is savings. Twenty-five percent of buyers used a gift from a friend or relative. The share receiving family help has declined from a high of 36% in 2010. In 2010, there was a surge in first-time home buyers entering the market with the First-Time Home Buyer Tax Credit. Family may have encouraged buyers to enter the homebuying process and provided any help they could at the time. Additionally, as the age of first-time buyers has increased to an all-time high of 38 years old, it could be uncomfortable to ask family for help in purchasing their first home.

The share of first-time buyers who used financial assets for their down payment has increased in recent years. Twenty-one percent of first-time buyers used the proceeds from stocks or bonds, a 401(k), an IRA, or even cryptocurrency. To give this historical context, from 1997 to 2002, just 8%-11% of first-time buyers used financial assets. This uptick may be due to the increased number of younger investors or wealthier first-time buyers in the housing market.

While the share of first-time buyers who use inheritances for their down payment is still under 10%, it is worth noting that this share is at an all-time high. Seven percent of first-time buyers used a generational transfer of an inheritance to help them become homeowners. Additionally, due to higher home prices, buyers may need to utilize multiple sources to put together a down payment.

Read more at NAR

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