Mortgage Rates Take a Step Back—What It Means for SF Buyers and Sellers

After a spike last week thanks to hot inflation data, mortgage rates are easing up again as investors rethink where the economy is headed. The 30-year fixed mortgage rate dropped to 6.93%, which is still high compared to a few years ago—but better than where we’ve been. So, what’s the real impact for buyers and sellers in San Francisco’s market? Let’s get into it.

For Buyers: A Small Win, But Don’t Wait Too Long

• Rates are moving, but unpredictably – If you’re serious about buying, get pre-approved and be ready to lock in a good rate when you see one.

• More buyers are adjusting to the new normal – Even with last week’s hiccup, purchase applications are up 7% from last year.

• Buyers are getting off the sidelines.A waiting game could cost you – If you’re holding out for 5% rates, you might be waiting a while. Find a place that fits your long-term goals and make a smart offer.

For Sellers: Buyers Are Out There—If You’re ready.

• The right homes are still moving – Well-priced properties in desirable neighborhoods are getting atteention.

• Buyers are pickier, but serious – Overpriced homes are sitting longer, but those priced right still see strong offers.

• If you’re thinking about selling, prep now – The market is shifting week by week. Get your home ready so when the right buyer comes along, you’re not scrambling.

A Market That’s Still in Motion

Rates aren’t what they were in 2021, but buyers are adjusting, sellers are selling, and well-priced homes are moving. The key? Stay informed, stay flexible, and be ready when the right opportunity hits.

If you want to talk strategy—whether it’s buying, selling, or figuring out your next move—I’m here for it. 😊