MORTGAGE RATES HIT 2025 LOW, OFFERING HOPE FOR A SLUGGISH HOUSING MARKET

via themortgagepoint.com—Due to a decline in 10-year Treasury yields and heightened economic uncertainty brought on by the prolonged federal government shutdown, mortgage rates dropped Thursday, October 23, to their lowest point in more than a year.

According to Freddie Mac, the average rate on 30-year fixed home loans fell from 6.27% the previous week to 6.19% for the week ending October 23. In 2024, rates averaged 6.54% for the same time frame.

“Mortgage rates continued to trend down this week, hitting their lowest level in over a year,” said Sam Khater, Chief Economist at Freddie Mac. “At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.”

The September CPI data, a crucial indicator of inflation, however, is more likely to affect markets than Fed policy, according to Senior Economist Jake Krimmel of Realtor.com. At the upcoming FOMC meeting on October 28–29, the central bank’s Board of Governors is almost certain to lower its federal funds rate by a quarter of a percentage point; however, Krimmel claims that the drop is already factored into mortgage rates and Treasury yields. In the meanwhile, there is no guarantee that rates will be lowered again in December.

A sustained recovery in the housing market will require lower mortgage rates, a large increase in inventory to ease prices, and job growth robust enough to overcome economic uncertainty.

According to Krimmel, who also notes that economists from the Mortgage Bankers Association have cautioned that rising inflation expectations and expanding government budget deficits will continue to push long-term rates higher. In the short term, homebuyers and refinancers may experience a slight improvement in negotiating conditions and gradual relief.…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. Prices remain strong for sellers but we are seeing more price decreases on active listings. Sixteen (16) of the active listings are over $1 million. Seventeen (17) listings have had a price reduction, three (3) this week. Despite relatively higher interest rates, there are still many qualified buyers out there. Inventory increases in the months ahead? We think so!

Mortgage interest rates decreased again and are expected to fluctuate between 6-6.5% the remainder of 2025. We expect additional rate cuts this year. There are still qualified buyers looking for the right property. Timing is everything. Properties are staying on the market for longer but some houses still sell quickly. It all depends on pricing, condition, and location, location, location. Days on the market (DOM) is averaging around 93.

Inventory Breakdown:

There are no (0) properties under $600,000; five (5) properties are priced between $600,000-$700,000; seven (7) between $700,000-$800,000; five (5) between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; sixteen (16) between $1-2 million; and none (0) for over $2 million.

CALL US FOR AN EVALUATION

During the period of October 24, 2025 through October 31, 2025, there were reported 1 new listing, 0 closed sales, 0 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listings, 0 temp off market, 3 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of October 31, 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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