Mortgage rates edged up again last week, but demand for home loans has shown surprising resilience. The average 30-year fixed rate rose to 6.75%, up from 6.67% two weeks earlier, while the average contract rate for mortgages with conforming loan balances climbed slightly to 6.84%. These are the highest levels seen in a month, yet mortgage applications barely slowed.

According to the Mortgage Bankers Association's seasonally adjusted index, total application volume actually increased 0.8% from the previous week. Purchase applications were especially strong, rising 3% week over week and running 22% higher than the same time last year. Joel Kan, MBA's Vice President and Deputy Chief Economist, noted that conventional purchase loans are driving the growth and continue to outpace 2024 levels.

Not all loan activity shared the momentum. Refinancing applications fell by 3% last week, as higher rates continue to deter most homeowners from swapping out their existing mortgages. The refinance share of total activity slipped to 39.6%, down from 41.1% a week earlier. The average purchase loan size also dropped to $426,700 — its lowest since January — suggesting some buyers may be adjusting expectations in response to elevated borrowing costs.

So why are buyers still active despite mortgage rates nearing 7%? One explanation is rising inventory. Over the past two years, about 500,000 more sellers have entered the market, according to Redfin. For the first time since records began in 2013, supply has climbed sharply, with sellers now outnumbering buyers by three to one. For many, the availability of more homes — combined with price reductions in certain markets — has outweighed the drag of higher borrowing costs.

The recent uptick in mortgage rates can be traced to economic uncertainty and renewed inflationary pressures. The Consumer Price Index rose 2.7% in the 12 months ending June 2025, a modest but meaningful increase that complicates the Federal Reserve's ability to cut interest rates later this year. Bond markets have reacted swiftly, with 10-year Treasury yields climbing toward 4.5% after briefly dipping below 4% in April. Since mortgage rates generally move in line with Treasury yields, higher yields have kept mortgage borrowing costs elevated.

Government fiscal policy is also playing a role. The Congressional Budget Office projects that President Donald Trump's recently passed "Big Beautiful Bill" will add roughly $3 trillion to the deficit over the next decade. Larger deficits require greater Treasury issuance, increasing bond supply and pushing yields higher. At the same time, concerns about inflation from new spending reduce investor demand for bonds, further pressuring yields upward.

For now, the housing market is caught between competing forces. Rising rates remain a headwind, but an influx of sellers and gradually improving inventory are giving buyers more opportunities than they have had in years. With mortgage rates tethered to broader inflation and fiscal dynamics, the path ahead remains uncertain. What is clear, however, is that even in a higher-rate environment, many buyers remain determined to move forward.

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For the past several years, the housing affordability crisis has kept many would-be buyers on the sidelines. High mortgage rates, rising home prices, and steep down payment expectations have created major barriers for first-time buyers, particularly those without existing equity to leverage. While the market has yet to return to its pre-pandemic pace, recent shifts suggest that conditions are beginning to tilt in favor of buyers.

One of the most encouraging signs is the steady decline in mortgage rates. Redfin recently reported that the average daily mortgage rate dropped to 6.57% on August 4, the lowest level in nearly a year. That change may not sound dramatic, but compared with May's peak of 7.08%, it translates to a significant difference in purchasing power. Buyers working with a $3,000 monthly budget can now afford a $458,750 home instead of the $439,000 home they would have been limited to just a few months ago.

The ripple effect of even a half-point dip in rates is substantial. On a median-priced home, today's lower rate shaves more than $100 off the average monthly payment, making ownership more attainable for many families. With housing inventory rising and more sellers willing to negotiate on price, buyers have stronger leverage than they have had in years. In May, sellers outnumbered buyers by 500,000, creating a surplus that is now fueling more competitive conditions.

Still, experts caution that this window may not remain open for long. Mortgage rates are closely tied to broader economic indicators, and ongoing volatility makes it difficult to predict how long today's more favorable rates will last. The weak July jobs report has heightened expectations that the Federal Reserve will cut interest rates in September, which could push mortgage rates even lower in the short term. Yet the market has proven unpredictable, and swings in economic data could quickly change the outlook.

Housing affordability remains one of the biggest challenges, especially for younger generations. Surveys show that most Millennial and Gen Z buyers would be motivated to return to the market if rates fall below 6%. While affordability is still a concern with rates in the mid-6% range, the current trend provides meaningful relief and may encourage hesitant buyers to act.

Redfin Chief Economist Daryl Fairweather advises buyers not to wait too long. "This dip in mortgage rates gives house hunters a window of opportunity to buy before summer ends," she explained. "While housing costs are still fairly high, the recent decline in rates boosts purchasing power and improves overall homebuying conditions. Combined with the surplus of homes for sale on the market, serious buyers may want to jump in sooner rather than later."

The road to housing affordability remains complicated, but today's combination of lower rates and rising inventory may provide one of the best openings buyers have seen in years. For those ready to make a move, the moment to act could be now.

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Rising costs and a renewed focus on functionality are reshaping how homeowners design and use their outdoor spaces. More than ever, people want their yards to serve multiple purposes, from relaxation and dining to gardening and recreation. At the same time, intentional design and sustainability are guiding choices, as families look to maximize every square foot of their property while staying mindful of long-term value.

Spending more time outdoors remains a priority, and the trend of creating distinct "rooms" has become a defining feature of modern landscaping. Patios double as dining areas, shaded seating zones become living rooms, and garden beds serve both aesthetic and practical purposes. While the traditional rule of thumb suggested investing 10% of a home's value in outdoor improvements, designers say today's budgets are higher—averaging closer to 15% to 25% depending on the market. Part of that increase comes from rising labor and material costs, but it also reflects homeowners' willingness to spend more on features that are sustainable and designed to last.

One of the clearest areas of investment is water features. Pools remain in demand, though designs are evolving. Many homeowners are trading older vinyl-lined pools for more durable gunite models, updating tilework, or opting for sleek rectangular shapes that have regained popularity. Compact pools and "spools" are also attractive for smaller lots, while extras like water jets, LED lighting, and integrated spas add luxury. Even in urban spaces, simple recirculating fountains are being used to bring the calming effect of water into outdoor living.

Landscaping is also shifting to reflect ecological concerns. Designers increasingly encourage native plants that attract pollinators such as bees, butterflies, and birds. Using species that are adapted to local soil and climate creates healthier, lower-maintenance gardens while reducing water use. In areas where water conservation is especially important, xeriscaping and drought-tolerant grasses are becoming the norm. Some homeowners are even leaning toward wilder, more natural landscapes filled with ornamental grasses, seed-bearing perennials, and boulders to create year-round visual interest. Others are turning to edible gardens, with blueberries, figs, strawberries, and grapes thriving even in rooftop spaces.

Seasonal color remains a priority as well, and landscape architects are designing with year-round interest in mind. Spring blossoms like cherry trees and tulips transition to summer hydrangeas and roses, while vibrant fall foliage and winter ornamental grasses ensure outdoor spaces are never without texture or beauty. This focus on variety gives homeowners spaces that evolve and remain engaging throughout the year.

Outdoor kitchens are another area where intentional design makes a difference. While some homeowners still want fully equipped setups with grills, smokers, pizza ovens, and bars, others prefer smaller, more modest kitchens with just the essentials. In both cases, outdoor cooking spaces are viewed as quality-of-life upgrades, particularly for families who continue to work from home and want to maximize their living environment. Seating areas and shaded structures often accompany these kitchens, creating natural hubs for entertaining.

Relaxation spaces round out the vision for many homeowners. Comfortable seating, shade structures, and features like fire pits or outdoor art help create cozy gathering areas. Some homeowners are even adding televisions, sound systems, and fans to make their outdoor living as functional as their indoor spaces. For those with larger properties, recreational amenities such as pickleball courts, putting greens, and tennis courts are becoming increasingly common.

Sustainability remains an underlying theme across all these upgrades. Homeowners are opting for permeable hardscapes like gravel, bluestone, and limestone to reduce runoff and allow water to recharge the soil. Artificial turf is chosen carefully, with many seeking non-toxic, pet-safe options. Between pavers, creeping perennials like sedum provide greenery while tolerating foot traffic. Irrigation systems are becoming smarter as well, with controls that track temperature and time of day to conserve water, while proper drainage planning prevents long-term erosion or flooding.

Together, these choices reflect a broader shift in how homeowners approach their outdoor environments. Instead of adding features piecemeal, people are prioritizing intentional design that balances beauty, sustainability, and function. Whether through a modest edible garden, a family-friendly pool, or a full outdoor kitchen, today's outdoor spaces are being built not only for enjoyment but also for resilience and long-term value.

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Why Green Garages Are the Next Big Selling Point

It is no secret that eco-friendly homes are easier to sell. Buyers are more conscious than ever about sustainability, not only because of the ethical and environmental benefits but also because green features often lead to real savings on utility bills. For sellers, highlighting a home's sustainability can add significant appeal, while real estate professionals who understand how to evaluate and present these features can set themselves apart. And while most conversations about sustainable living focus on bathrooms, kitchens, or rooftop solar panels, garages and outbuildings are quickly becoming part of the conversation too.

A sustainable garage can improve a home's overall efficiency in several ways. Proper insulation and energy-smart design reduce electricity use and lower heating and cooling costs. By stabilizing temperature and humidity, an eco-friendly garage not only makes the space more comfortable but also helps protect vehicles from rust and wear. For homeowners who use their garage as an extension of their living area, good insulation and smart upgrades can add usable square footage while keeping energy expenses under control.

The foundation of any green garage starts with insulation. According to interior designer Allanah Barnes, ensuring there are no gaps or direct exposures to the outside is the first priority. A well-insulated garage serves as a buffer between outdoor conditions and the rest of the house, keeping cold, heat, and moisture at bay. Insulating the shared walls between the garage and the home, as well as weatherstripping and sealing any leaks, can help cut down on household climate control costs. Caulking, foam spray, and high-quality weatherstripping are inexpensive fixes that make a big difference.

Replacing the garage door is another impactful step. Even the best-insulated space will struggle if the door is outdated or drafty. In fact, garage door replacement consistently ranks as one of the top remodeling projects for return on investment, with resale values often exceeding installation costs. Homeowners looking to make this upgrade can choose doors made from recycled steel or wood. For wood models, aluminum capping provides added weather resistance and durability.

Flooring choices also matter when it comes to sustainability. While epoxy remains a popular option for garage floors, it comes with harmful off-gassing and long-term environmental concerns. Instead, greener alternatives such as polished concrete, recycled rubber tiles, or even recycled glass or plastic tiles offer both durability and a reduced ecological footprint. Pairing these materials with low-VOC sealants further minimizes chemical exposure and environmental impact.

For those ready to take sustainability a step further, an at-home electric vehicle charger is becoming one of the most desirable additions. As EV adoption grows—half of all new cars are predicted to be electric by 2030—home chargers will soon be considered a standard feature rather than a luxury. Adding one not only prepares homeowners for the future but also increases property value today. Federal tax incentives make this upgrade even more appealing, with homeowners able to claim 30% of the cost, up to $1,000, on the purchase and installation of an EV charger.

As buyers grow more eco-conscious and as sustainability continues to drive property value, green garages are emerging as an overlooked but powerful selling point. With thoughtful insulation, smart material choices, and forward-looking features like EV chargers, garages can shift from being simple storage spaces to valuable, energy-efficient assets that make homes more marketable and future-ready.

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A piece of Madisonville's history is officially up for grabs, and it comes with decades of local charm and endless possibilities for its next owner. Located on Covington Street, the building once known as "Sid" Fuhrmann Theatre is listed for sale at $475,000. Built in 1940, the former movie house has seen generations of entertainment, evolution, and entrepreneurship. From silver-screen Westerns to vintage pinball machines, the space has woven itself into the fabric of the Madisonville community.

The theater originally served as a gathering place for families and moviegoers during Hollywood's golden age. According to local accounts, it hosted screenings of classic Westerns like Stagecoach Kid and even featured a live appearance by singing cowboy Tex Ritter. For years, it was a place where children spent their Saturday afternoons, where first dates took place, and where the community came together for simple, joyful entertainment.

In 1976, the space transitioned into a new era when it became home to Lakeside Electronic & Amusement Co., a family-run business that sold and repaired coin-operated machines. Pinball machines, slot machines, jukeboxes, and gumball dispensers lined the inside, capturing a different kind of nostalgia. Operated by the same family for nearly five decades, the shop eventually closed in December 2024 after the owners retired, leaving behind a space brimming with history and character.

Today, the building retains much of its original charm, including the distinctive movie theater entrance doors that have welcomed guests for generations. Now zoned for neighborhood commercial use, the property is ripe with potential for its next chapter. It could be transformed into a cozy home full of vintage flair or reinvented as a local business like a coffee shop, bakery, antique store, art studio, or even a restaurant. The zoning flexibility allows for both residential and commercial possibilities, appealing to entrepreneurs and creative visionaries alike.

Katie Bergeron, the lead agent with Team Navigators, and Marlene Campos-Cannon of Keller Williams, who has family ties to the former business, are jointly managing the listing. Bergeron described the building as "a super cool space with tons of history that's actually available to everybody." She believes its unique story and structure offer something rare in the market — a chance to preserve a bit of the past while shaping something new.

The property is currently listed on Facebook Marketplace, and the interest is already picking up. With its location in the heart of Madisonville, just minutes from the riverfront and other downtown amenities, the former theater is more than just a building. It's a blank canvas with character, ready to be reimagined by someone with vision.

For more information or to schedule a viewing, potential buyers can contact the listing agents directly. Serious inquiries are encouraged to move quickly, as opportunities like this don't come around often.

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After years of rising rates and limited affordability, mortgage interest rates are finally heading in a different direction. According to new data from Freddie Mac, the average rate on a 30-year mortgage has dropped to 6.67 percent, marking five straight weeks of decline and a drop of more than 20 basis points since late May. The trend is more than a blip, and it has many homebuyers wondering if now is the time to act.

While the Federal Reserve is not expected to cut interest rates during its July meeting, many economists believe a rate reduction is likely at the Fed's next meeting in September. Market forecasts currently place the odds of a rate cut at around 70 percent. Historically, mortgage rates have responded positively to changes in the Fed's benchmark rate, and lenders may even move ahead of the central bank by lowering their offers in anticipation. That means the recent dip in rates may be just the beginning, making now a smart time for buyers to prepare.

If you're considering buying a home in the near future, this shift could work in your favor — but only if you're ready. The first step is to check your credit report. Since the rates you're offered are influenced heavily by your credit score, knowing where you stand is essential. Pull your credit report and review it carefully for errors or areas that could be improved. Small changes now could increase your score and result in a lower mortgage rate later.

Next, start researching local real estate agents. Having a knowledgeable and experienced agent can make a major difference, especially as lower rates may drive more competition into the market. Look for someone who knows your desired neighborhood and price range well. Ask friends or family for recommendations, read reviews, and take your time finding someone who feels like the right fit.

Finally, get pre-approved for a mortgage. Even if you're not quite ready to buy, a pre-approval will give you a clearer sense of your borrowing power and help you act quickly when the right property comes along. It also shows sellers you're serious — something that can give you an edge in a competitive market. Many lenders offer pre-approvals online at no cost, so it's worth taking this step even as you're still exploring your options.

While no one can predict exactly what mortgage rates will do next, the recent trend points to a window of opportunity. By preparing now — strengthening your credit, finding the right agent, and securing pre-approval — you'll be in a strong position to take advantage of better rates and increased affordability in the coming months.

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Creative Ways to Use a Personal Loan When Buying a Home

When most people think about buying a home, they focus on getting approved for a mortgage and calculating monthly payments. A personal loan isn't typically the first tool that comes to mind. After all, most personal loans are capped at around $100,000 to $200,000—far below the cost of a home. But while a personal loan can't replace a mortgage, it can still play a meaningful role in the homebuying process. Financial experts suggest that with careful planning, personal loans can help fill in the gaps and even save money in the long run.

One of the most overlooked benefits of a personal loan is its ability to help improve your credit profile before applying for a mortgage. According to Robert Gabriel, CEO of Vosita, using a personal loan to consolidate high-interest debt can reduce your debt-to-income ratio and improve credit utilization. That, in turn, can boost your credit score. And the higher your credit score, the better your chances of securing a lower mortgage rate.

Personal loans can also come in handy when it's time to make a down payment. Sergio Aguinaga, founder of Michigan Houses For Cash, noted that buyers with reliable income but limited savings can use a personal loan to bridge the gap. Gabriel added that using a loan to reach a 20 percent down payment could help buyers avoid private mortgage insurance, which can add hundreds of dollars per month to a mortgage payment.

Another common obstacle for first-time buyers is closing costs, which typically range from 2 to 5 percent of the home's purchase price. That could mean an additional $6,000 to $15,000 on a $300,000 home. Gabriel said a personal loan can help cover those fees without dipping into an emergency fund. Aguinaga also pointed out that for buyers purchasing older or fixer-upper homes, a personal loan can help make immediate repairs—sometimes even making the difference in passing a home inspection.

Beyond essentials, personal loans can also be used to make cost-effective upgrades that add value to the property. Eli Pasternak of Liberty House Buying Group recommends borrowing for cosmetic improvements like painting and updating fixtures. He noted that spending $8,000 on updates could boost a home's value by as much as $20,000, making it a strategic move for buyers looking to build equity quickly.

Of course, personal loans add another monthly payment, so buyers should be careful to make sure it fits within their budget. But for the right person with a solid financial plan, a personal loan can be more than a quick fix—it can be a flexible tool that helps make homeownership possible.

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