Redfin sends strong message on mortgage rate change | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

Prospective homebuyers in the U.S. have been hesitant to make a real estate purchase due to several economic factors, despite being enthusiastic about the idea of homeownership.

The National Association of Realtors (NAR) recently released its 2025 Profile of Home Buyers and Sellers, which reported some unfortunate trends.

These were characterized by a shortage of available homes, home prices that were too expensive for potential buyers, and high mortgage rates.

“The share of first-time homebuyers dropped to a record low of 21%, while the typical age of first-time buyers climbed to an all-time high of 40 years,” wrote the NAR.

Redfin reported housing market data on Nov. 13 that explained why people looking to buy homes remained hesitant.

“The weekly average mortgage rate rose to 6.22% (during the four weeks ending Nov. 9) after dropping to a year-low of 6.17% a week earlier after the Fed indicated it may not cut interest rates in December,” Redfin data journalist Dana Anderson wrote. “The homes that do sell are taking a long time to find buyers, who are wary of high housing costs and economic instability.”

“Costs are high and the economy is uncertain,” Redfin concluded.

Redfin reveals housing market findings beyond mortgage rates

U.S. pending home sales fell 0.3% year over year during the four weeks ending Nov. 9, marking the first decline in four months. (Source: Redfin.)
Homes are taking a median of 49 days to go under contract, the longest span for this time of year since 2019.
The median home-sale price rose 2.4% year over year, the largest increase in six months.
Many potential buyers are hesitant to purchase homes due to economic instability.
Over 20% of Americans are delaying major purchases such as homes or cars.
Another 15% of Americans have canceled a major purchase altogether, according to a recent Redfin survey.

Redfin reports home selling is stronger than home buying

The selling side of the housing market is on more solid footing, Redfin has found, with hundreds of thousands more sellers than buyers across the country.

“Redfin agents recommend sellers price their home realistically from the start to attract buyers,” the real estate technology company wrote. “This week, new listings of homes for sale are up 3.4% year over year, similar to the increases we have seen over the last month.”

More on homebuying:

Regarding mortgage rates, specifically, Redfin agents report that potential homebuyers are holding out for rates to fall below 6% before making a purchase.

“House hunters are sensitive to rates and prices; many are waiting for one or both to drop before buying,” said Milwaukee Redfin agent W.J. Eulberg. “But that’s not always a great strategy. If mortgage rates come down significantly, there will be more bidding wars.”

“And if prices drop, it will probably be because the economy has weakened and people are losing their jobs,” he added. “For people who can afford a home now, they may consider jumping into the market while competition is low and many sellers are willing to negotiate on price or offer concessions like funds to cover closing costs.”

Freddie Mac releases weekly mortgage rate data

On Nov. 13, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) which found that the 30-year fixed-rate mortgage (FRM) averaged 6.24%.

“Rates for the 30-year and the 15-year fixed-rate mortgage essentially remained flat this week, but we did see purchase activity increase, which is encouraging,” said Sam Khater, Freddie Mac’s Chief Economist.

The 30-year FRM averaged 6.24% as of Nov. 13, 2025, up from the previous week when it averaged 6.22%. A year ago at this time, the 30-year FRM averaged 6.78%.
The 15-year FRM averaged 5.49%, down slightly from the previous week when it averaged 5.50%. A year ago at this time, the 15-year FRM averaged 5.99%.

“The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit,” Freddie Mac explained.