Following a brief summer slowdown, homebuyer demand is inching higher as mortgage rates continue to fall. After peaking at 7.22% in May, rates dropped to 6.35% last week—nearly a full percentage point lower than last year and the lowest since April 2023.
Even slight drops in mortgage rates can lead to significant savings, adding up to hundreds of dollars per month. From an affordability perspective, a 1% drop in mortgage rates is equivalent to a 10% decrease in home prices.
In August, the median home price in Ada County rose to $536,665, a 3.2% increase from last year. In Boise, home prices ended the month at $516,000, reflecting a 4.2% rise. Prices in the county saw a notable dip last August, making year-over-year comparisons appear more
…