Garrett Mortgage market update.

Mortgage rates have continued to move within a fairly narrow range over the past several weeks. While many buyers were hoping for significant rate cuts this summer, inflation has remained stubborn enough that rates have stayed higher than many expected.

The good news is that we've also avoided another sharp increase in rates.

For many buyers, today's market isn't about waiting for the "perfect" rate — it's about finding the right home and knowing that refinancing remains an option if rates improve in the future.

Current conventional 30-year mortgage rates generally remain in the mid-6% range, although your actual rate depends on credit score, loan type, down payment, and other factors.

Across Southern Utah, inventory has continued to improve compared to last year. Buyers are seeing more choices and slightly less competition than we experienced during the peak seller's market.

Home prices have remained relatively stable in most communities. While some neighborhoods have seen modest price adjustments, we are not seeing the dramatic declines that many predicted.

For sellers, properly pricing a home remains extremely important. Well-priced homes continue to sell, while overpriced homes often sit longer on the market.

Nationally, the housing market continues to normalize. We're seeing:

• ✅ More homes available
• ✅ Slightly longer time on market
• ✅ More negotiating power for buyers
• ✅ Stable home values in most areas

Most economists continue to expect a balanced housing market through the remainder of the year rather than a major housing correction.

Many homeowners are surprised to learn how much equity they've built over the last several years. That equity may be used to:

• Consolidate higher-interest debt
• Finance home improvements
• Help pay for college
• Purchase investment property
• Provide emergency financial flexibility

A quick review can often show options homeowners didn't realize they had.

One thing I've learned after more than 25 years in the mortgage business is that trying to perfectly time the market usually isn't the best strategy.

The right time to buy — or refinance — is when it makes sense for your family's goals.

Rates will always move. Home prices will always move. What doesn't change is having a plan that fits your situation.

If you ever have questions, even if you're not planning to buy or refinance right now, I'm always happy to help.