Interest Rates: Slight Uptick, Still "Manageable" Compared to Early 2025

The cost of borrowing nudged up this week, but it's still noticeably better than it was at the start of the year:

• Average 30-year fixed mortgage: about 6.24%, up just a hair from 6.22% last week, according to Freddie Mac data reported by multiple outlets.
• 15-year fixed mortgages: roughly 5.49%, a touch lower than last week.
• Some daily trackers show the national 30‑year APR around 6.3%, reminding us that exact quotes still vary by lender and borrower profile.

The bigger story: rates are well below the 7%+ levels seen earlier this year, and Freddie Mac notes that purchase activity has picked up as buyers respond to the improved affordability window.

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National Housing Picture: More Inventory, Softer Price Growth

Across the U.S., the market continues to cool from the feverish days of the pandemic, but not crash:

• A recent national update shows active single‑family inventory up about 16% compared with this time last year, even though listings are now dipping seasonally into the holidays.
• Another analysis notes that inventory is at its highest level since 2019, and as supply has climbed, price growth has flattened and even slipped in some regions.
• Zillow estimates the typical U.S. home value at about $360,700, up only 0.1% over the past year—essentially flat.

Cooling prices have a downside for some owners: a recent report estimates that nearly 1 million homeowners are now "underwater" (owing more than their home is worth), with particular concern along the Gulf Coast of Florida and in markets like Austin, Texas.

Overall, national forecasters expect modest or near‑flat price growth heading into 2026 as higher costs and economic uncertainty keep demand in check.

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Florida Focus: From Red‑Hot to "Negotiable"

Florida remains one of the most closely watched states—and the data shows a market that's finally giving buyers some leverage.

A recent statewide look found:

• Roughly 97,000 active listings for the week ending November 1.
• About 44% of sellers cutting prices to attract offers.
• Homes taking a median of 98 days to sell, significantly slower than the national pace.

That combination—more listings, longer days on market, and widespread price reductions—is classic "buyer‑power" behavior.

At the same time, another Florida report notes the first statewide inventory decline in two years, suggesting that sellers are finally pricing more realistically and some excess supply is being absorbed.

Zooming into key regions:

• Southwest Florida: Local November updates describe a market that still leans toward buyers but is slowly drifting toward balance as prices steady, demand picks up for the winter season, and inventory levels off.
• North Florida / Tallahassee: Recent stats there also point to a shift toward a balanced market, with inventory and prices settling into a more normal pattern after the extreme swings of the last few years.

Looking ahead, Florida‑specific forecasts call for flattening rather than crashing prices, with modest single‑digit gains in some metros and softer conditions in others.

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What This Means for Buyers, Sellers, and Investors

For buyers (especially in Florida):

• Rates in the mid‑6s aren't cheap, but they're a clear improvement over early 2025—and there's more to choose from.
• Many Florida sellers are already doing price cuts and concessions, so don't be afraid to negotiate on price, repairs, or closing costs.
• Year‑end could be an especially good window as motivated sellers try to wrap up before January.

For sellers:

• The days of "name your price and pick an offer in 24 hours" are mostly gone.
• In much of Florida, you may still have strong underlying demand—but buyers are choosier and have more options. Clean presentation and realistic pricing from day one are now critical.

For investors:

• Today's rates still allow deals to pencil out where rents are strong and prices have softened, particularly in pockets of the Gulf Coast and other previously overheated Sun Belt metros.
• With forecasts calling for stable, not soaring, prices, the focus shifts back to cash flow and long‑term fundamentals rather than betting on rapid appreciation.