The median home price was reported at $401,800, a decline of nearly 5% from $422,700.

This shift isn’t necessarily due to falling home values. There were 5,000 fewer homes sold over $500K and 5,000 more homes sold under $400K. This change in the mix of homes sold likely influenced the median.

Initial jobless claims fell by 4,000 to 217,000, signaling some resilience in the labor market. However, continuing claims remain elevated, hovering around levels last seen in 2021, suggesting that while layoffs may be slowing, re-employment is taking longer.

National Average Mortgage Rates:

• 30-year fixed: 6.77%
• 15-year fixed: 6.01%
• 30-year fixed refinance: 6.87%
• 15-year fixed refinance: 6.22% 

Freddie Mac July 2025

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