MORTGAGE RATES CLIMB AGAIN AFTER INFLATION UPTICK

via realtor.com—Mortgage rates increased on Thursday for the second week in a row, on the heels of June inflation data that showed consumer prices surging to a four-month high.

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week, according to Freddie Mac. Rates averaged 6.77% during the same period in 2024.

"The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%," says Sam Khater, Freddie Mac's chief economist. "While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act."

The latest release from the Bureau of Labor Statistics on Tuesday revealed that the Consumer Price Index (CPI) rose by 2.7% on an annual basis, reversing several months of cooling trends and further reducing the likelihood of a Federal Reserve interest rate cut this month.

Notably, the impact of President Donald Trump's tariffs on foreign imports could be seen affecting several CPI categories, including furniture, toys, and large appliances.

While still modest, the tariffs’ impact appears significant enough to bolster the market's view that the Fed will cleave to its "wait and see" stance for longer, despite Trump’s continued threats to fire Chair Jerome Powell over his refusal to slash rates immediately.

The interest rates currently stand at a range of 4.25% to 4.5%, and following the latest inflation figures, they are likely to remain elevated for the remainder of the summer, spelling bad news for would-be homebuyers already facing severe affordability challenges, according to Realtor.com® economist Jiayi Xu.

"Persistently high mortgage rates and elevated home prices mean that purchasing a home requires significantly more income than in the past," adds Xu.

Would-be homebuyers…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are thirty-seven (37) active listings in the Miami Springs/Virginia Gardens real estate market this week! We are truly in a unique market where timing is everything! Property values remain strong in Miami Springs and Virginia Gardens, though we are seeing more price decreases this year. Inventory increases in the months ahead? We think so! Increasing inventory is better for Buyers, though prices have remained strong for Sellers despite high interest rates.

Fourteen (14) of the active listings are over one-million dollars. Almost forty percent (40%) of the active listings have had a price reduction, one (1) this week. The number of days properties are staying on the market is averaging 58 days. There are no properties priced under $600,000; five (5) properties are priced between $600,000-$700,000; six (6) between $700,000-$800,000; seven (7) between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; twelve (12) between $1-2 million; and two (2) properties are priced for over $2 million.

Demand has slowed down a bit again but there are still many qualified Buyers out there. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. Additionally, there is a practically nonexistent number of entry-level homes (e.g., under $600,000). Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates increased but remain under 7%. They are expected to continue fluctuating between 6-7% the rest of the year. Current interest rates create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Timing is everything!

CALL US FOR AN EVALUATION

During the period of July 11, 2025 through July 18, 2025, there were reported 3 new listings, 4 closed sales, 1 pending sale, 0 active with contract, 0 expired listing, 2 cancelled listings, 0 temp off market, 0 price reductions, and 1 price increase.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of July 18, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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