Mortgage Rates Hold Steady Despite Government Shutdown: What It Means for Buyers and Sellers
Even as the government shutdown stretches into its third week, mortgage rates have remained surprisingly steady. According to HousingWire, the average 30-year fixed mortgage rate is sitting around 6.37%, with FHA and jumbo loans holding close behind at 6.20% and 6.26%, respectively.
That stability has given the fall housing market a bit of breathing room and a boost of confidence. Buyers who had paused their search earlier this year are starting to re-engage, encouraged by signs that this lower-rate window could last longer than expected.
Why Rates Haven’t Moved (Yet)
While the shutdown hasn’t directly affected mortgage rates, it has created a “data void” that makes it harder for the Federal Reserve to make informed decisions. Without fresh employment data from the U.S. Bureau of Labor Statistics, the Fed is essentially flying blind heading into its next policy meeting, and that uncertainty could shift markets quickly once data resumes.
As Melissa Cohn of William Raveis Mortgage notes, “As much as the current administration would like to see rates much lower, they have to understand that some of the ramifications of their actions could actually cause rates to go up.”
Signs of Momentum in the Market
Despite the uncertainty, there’s a sense of cautious optimism. National housing inventory remains about 17% higher than a year ago, and price growth has cooled, creating more balance between buyers and sellers. HousingWire’s lead analyst Logan Mohtashami described this as “the most positive story for housing this year,” with healthier supply and more realistic pricing.
Industry forecasts suggest the Fed may cut rates later this month, with another potential cut in December. Those moves could keep the housing market’s late-year momentum going. Refinancing activity is already up 18% year-over-year, as homeowners look to lock in savings or shift away from adjustable-rate loans.
What This Means for Philadelphia Buyers and Sellers
Locally, we’re seeing a similar story play out: steady rates, slightly more inventory, and buyers returning to the table. It’s not a boom, but it’s a balanced and healthy market where preparation and timing matter more than ever.
If you’ve been waiting for “the right moment” to buy, sell, or refinance, this may be it. With rates stable and the Fed signaling future cuts, the window to act before competition heats up again could be right now.
At Next Chapter Real Estate Planners, our job is to help you move forward with confidence, whether that means buying your first home, planning your next move, or repositioning your real estate portfolio.
If you’d like to talk through how today’s market conditions fit your goals, reach out anytime at 610.368.9041 or visit NextChapterREP.com.
