Mortgage Rates Only Modestly Higher on Friday

Existing-home sales slipped in August, falling below the 4 million annualized pace for the first time since June 2025, while a sharp increase in inventory gave buyers more options and pushed the supply of homes to its highest level in more than a decade. The National Association of REALTORS® reported a 2.0% decline in sales from July to a seasonally adjusted annual rate of 3.98 million , while sales were 1.2% lower than a year earlier. “ Mortgage rates and home sales move in opposite directions, so it's not surprising to see a mild dip in home buying activity due to high mortgage rates,” said NAR Chief Economist Lawrence Yun. He noted that sales are still 1.6% higher year-to-date through the first eight months of the year, with wage growth and job creation helping to suppo