With over 36 years in mortgage banking and more than $5 billion in servicing secured across national and global real estate, I’ve seen what happens when market conditions align. Today, we’re in one of those moments. Prices have stabilized, inventory is improving, and buyer interest is strong. But mortgage rates near 7 percent are keeping the market from moving forward. The Federal Reserve’s recent decision to hold interest rates steady has only extended the pause.
Rates this high prevent homeowners from refinancing and make monthly payments unworkable for many potential buyers. Across the country, from Florida to the Northeast, I’m seeing clear demand. What’s missing is affordability.
A recent Bankrate survey found that nearly one in four Americans say they would consider buying a home if mortgage rates dropped to 6 percent or below. That tracks with what I see in the market every day. Buyers are not backing out because they’ve lost interest. They’re waiting for the math to work.
The National Association of Realtors projects that a drop into the low-6 percent range could unlock over 550,000 additional home sales and expand mortgage affordability to 5.5 million more households. These aren’t hypothetical gains. They’re real families ready to take action.
In my view, a quarter-point rate cut in September is not only likely — it’s necessary. A modest adjustment could immediately shift consumer sentiment and bring buyers back into the market heading into Q4. This isn’t just about policy. It’s about momentum. When rates improve, people act. They re-engage with lenders, revisit listings, and move toward closing.
I’ve watched markets turn on far less than a full percentage point. Right now, we don’t need a dramatic correction. We need a nudge in the right direction.
The data is clear. The interest is real. The market is ready. We just need the rates to follow.
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