MORTGAGE RATES FALL TO 10-MONTH LOW

via foxbusiness.com—Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.56% from last week's reading of 6.58%.

The average rate on a 30-year fixed mortgage fell to a 10-month low, Freddie Mac said on Thursday. (Joe Lamberti/Bloomberg via Getty Images / Getty Images)

"Purchase demand continues to rise on the back of lower rates and solid economic growth," said Sam Khater, Freddie Mac’s chief economist. "Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market."

Meanwhile, the average rate on the 15-year fixed mortgage is unchanged from last week's reading of 5.69%. One year ago, the rate on the 15-year fixed note averaged 5.51%.

The welcome news of lower rates comes as a recent report from Realtor.com found that fewer than 30% of homes on the U.S. housing market are affordable for the average household.

The District of Columbia and US flags outside a home in the Capitol Hill neighborhood of Washington, DC,

As of August, only 28% of homes on the market were priced within reach of the typical household, with the maximum affordable home price for a median-income household falling to $298,000. In 2019, that figure was $325,000, according to the real estate firm's Buying Power Report. This means buying power is down by nearly $30,000 nationally since 2019, even though the median income rose by 15.7%.

Higher mortgage rates are largely to blame, according to Realtor.com chief economist Danielle Hale.

"Even as incomes grow, higher interest rates have eroded the real-world purchasing power of the typical American household," Hale said, noting that "this dynamic is forcing many buyers to adjust their expectations, whether that means looking for smaller homes, moving farther out, or delaying the dream of homeownership altogether." …READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are forty-one (41) active listings in the Miami Springs/Virginia Gardens real estate market this week. There are sixteen (16) active listings over $1million—that's approximately forty percent (40%) of the active listings! At twelve (12), almost 34% of the active listings have had a price reduction, four (4) this week. The number of days properties are staying on the market is averaging 59 days. There is ONE property under $600,000; six (6) properties are priced between $600,000-$700,000; ten (10) between $700,000-$800,000; seven (7) between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) properties are priced for over $2 million.

We are truly in a unique market where timing is everything! Demand has slowed down a bit again but there are still many qualified Buyers out there. Interest rates remain relatively unchanged. Property values and sold prices 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.

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 decreased slightly, averaging around 6.56%. They are expected to fluctuate between 6-7% in 2025. 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 August 22, 2025 through August 29, 2025, there were reported 3 new listings, 3 closed sales, 0 pending sales, 1 active with contract, 0 expired listings, 3 cancelled listings, 0 temp off market, 4 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 August 29, 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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