After five straight weeks of climbing, mortgage rates finally took a breather. Freddie Mac reported Thursday that the average 30-year fixed-rate mortgage slipped to 6.67%, down from 6.69% the week before, while the 15-year fixed eased to 5.96%. A year ago the 30-year sat at 6.58%, so we are still a touch higher than last summer, but a move in the right direction is welcome news for anyone shopping Sevier County homes this month.
National Snapshot
The National Association of Realtors released its July existing-home sales report last Tuesday, and the headline was stability rather than growth. Sales dipped 1.7% from June to a seasonally adjusted annual rate of 4.06 million, though they were still 0.7% ahead of July 2025. The national median price came in at $434,100, up 2.0% from a year ago and the 37th straight month of annual gains. Inventory totaled 1.54 million homes, a 4.6-month supply, and the typical listing went under contract in 29 days.
Two details caught our attention. First, NAR's affordability index improved to 103.3 from 98.3 a year ago, with the West posting the biggest gain at 7.3%. Second, the median price in the West was $622,200, which explains why so many Wasatch Front families keep looking south toward Richfield, Salina and Manti for something they can actually afford.
Inflation Is Stuck, Not Spiking
Wednesday's Consumer Price Index showed prices rose just 0.1% in July and 3.4% over the past year, with core inflation at 2.5%. Both annual readings were a tenth lower than June. The trouble spot remains energy, which is up 14.7% year over year, with gasoline up 24.6% as the conflict with Iran keeps most tanker traffic out of the Strait of Hormuz. Brent crude climbed toward $90 a barrel midweek after new attacks on shipping dented hopes for a reopening deal.
Markets read the CPI report as good enough. Traders trimmed the odds of a Federal Reserve rate hike at the September meeting to roughly 42%, and the 10-year Treasury yield held near 4.64%. That is the main reason mortgage rates were able to drift lower this week. As long as inflation does not surprise to the upside, we expect rates to hold in the mid-6% range through the end of summer.
Inventory Watch
Nationally, inventory is flat compared with last year, but the mix is shifting. First-time buyers made up 29% of July purchases, down from 33% in June, while cash buyers ticked up to 26%. That tells us the entry-level end of the market is where rate sensitivity is sharpest, and it is exactly the segment where a small rate dip like this week's can bring buyers back off the sidelines.
What This Means for Central Utah
Closer to home, the Salt Lake Board of Realtors reported that the median single-family home in Salt Lake County reached a record $645,000 in the second quarter, while Utah County's median settled at $600,000. Compare that with what your money buys in Sevier, Sanpete, Juab or Piute counties and the affordability gap is impossible to ignore. A family priced out of the Wasatch Front can often find a three-bedroom home on a real lot here for roughly half the cost.
For buyers, this week's dip is a reminder that timing the market is hard, but preparation is easy. Get pre-approved now so you can lock quickly if rates slide further. If you are buying in a rural town like Monroe, Loa or Delta, ask us about USDA loans, which still offer zero-down financing for qualified borrowers in most of our service area. For sellers, the message from the national data is clear: homes that are priced correctly are still selling in about a month, while overpriced listings sit. Late summer is a strong window in Central Utah real estate because families want to settle before school routines take hold, so if you have been thinking about listing, our team is happy to walk you through a pricing strategy that fits today's market rather than last spring's.