Last Thursday (9/10/2026), the average 30-year fixed mortgage rate hit 7.07%

This is the first time the rate has gone over 7% since May 2025. However, the “market rate” isn’t what most current homeowners are paying. The current average rate on all outstanding U.S. mortgages is 4.4%. While that average existing homeowner rate is slowly increasing, it will take time to balance out. Most homeowners locked their rates in years ago, yet the average rate only rises as older and cheaper loans get paid off, sold, or refinanced.

Totaling up current market mortgage rates, property taxes, insurance, and home prices, a homebuyer today would be paying approximately $3,000 a month on a typically priced home, with the assumption of a 10% down payment. That’s roughly $950 more than the typical $2050 monthly mortgage payment, including escrow, being paid across all outstanding U.S. mortgages. 

The cost of switching from a typical rent price, which is around $1950, or the typical existing mortgage payment ($2050), rises almost a thousand dollars with average rates of new mortgages demanding nearly a $3000 monthly payment. 

Not only is this one of the main reasons resale turnover rates are so low right now, it also is part of why state-to-state migration has remained at a historically low level. It’s been this way since the Pandemic Housing Boom sizzled out, and mortgage rates spiked. That said, the new-home market has exercised the ability to prevent a significant pullback in transactions with homebuilders leaning toward net effective home price cuts and affordability adjustments over the recent years as needed, in order to keep the market moving.

Below is a chart showing U.S. disposable monthly personal income per capita. Ideally, switching costs in the resale market also could be minimized if income further increases, and the trend of selling to buy something new becomes a smaller share of disposable, after income taxes. Sources perceive that in order for resale switching costs to improve and boost U.S. the resale turnover rate, we still need improvement in affordability, likely being rising incomes, combined with falling mortgage rates, or lower home prices.    

The Bottom Line: The costs of new mortgages are influencing, and will likely continue to influence homeowners from selling their homes. The process of turnover rate improvements will be slow, and should take some years to return to normal range, while the resale turnover rate remains “historically low” for the foreseeable future.

Source: Mortgage News Daily, ResiClub

Mortgage Rates 

Average 6.95%

The 30-year fixed-rate mortgage continues to fluctuate as markets assess economic data.

• The 30-year fixed-rate mortgage averaged 6.95% as of September 17, 2026, up from last week when it averaged 6.76%. A year ago at this time, the 30-year FRM averaged 6.26%.
• The 15-year fixed-rate mortgage averaged 6.26%, up from last week when it averaged 6.09%. A year ago at this time, the 15-year FRM averaged 5.41%.

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Florida voters will consider Amendment 3 

during the November 3 general election.

What Amendment 3 would do:

• Increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028. The exemption would be adjusted annually for inflation beginning in 2029.
• Reduce the annual cap on assessment increases for non-homestead properties from 10% to 5%. This would apply to properties such as rentals, second homes and commercial real estate.
• Direct counties and municipalities to use property tax revenue solely for public safety, schools, infrastructure, natural resources, debt payments, employee retirement benefits and government operations and administration.
• Require the Legislature to create a uniform process counties and municipalities could use to increase the homestead exemption further, up to a home’s full assessed value.
• Allow special districts to provide additional property tax relief with voter approval.

Worth noting: The expanded homestead exemption would apply only to non-school property taxes, meaning the amendment would not impact school funding.

Amendment 3 will appear on the Nov. 3 general election ballot. Constitutional amendments require approval from at least 60%+1 of voters. If approved, the measure would take effect Jan. 1, 2027.

Source: Florida REALTORS

Q&A

Amendment 3

Mortgage Rates 

Average 6.76%

The 30-year fixed-rate mortgage averaged 6.76% this week. Aspiring buyers should remember shopping around for the best mortgage rate and getting multiple quotes can potentially save them thousands.

• The 30-year fixed-rate mortgage averaged 6.76% as of September 10, 2026, up from last week when it averaged 6.71%. A year ago at this time, the 30-year FRM averaged 6.35%.
• The 15-year fixed-rate mortgage averaged 6.09%, up from last week when it averaged 6.04%. A year ago at this time, the 15-year FRM averaged 5.50%.

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Florida’s real estate market has changed significantly in the past few years. Mortgage rates have added to monthly costs. Insurance and property taxes are weighing more heavily on household budgets. At the same time, people, income, businesses and investment continue to flow into the state. Even as overall migration to Florida has slowed from recent peaks, the state continues to attract more net household income through domestic migration than any other state – about $21.2 billion annually. A significant part of that movement is coming from households ages 55–64. This group accounts for the largest share of Florida’s net income migration and often includes people who are still in their peak earning years, have accumulated home equity and may be considering a relocation home, second home or next-stage lifestyle move.

Florida also is becoming a more mature and economically diverse market. The report notes that the state is transitioning from a lower-cost growth market toward a higher-income and more diversified economic environment.

Those fundamentals are helping support housing demand, but affordability remains one of the biggest challenges facing buyers.

Source: Florida REALTORS Economist Report

This report is very comprehensive. 

If you want to dig further click the link to see the entire report

Beach Palms 

Unit 508

18450 Gulf Blvd Indian Shores, FL 33785

One Week Minimum Rental

Three Bedrooms

Two Full Baths

Gulf and Intracoastal Views

1,390 Square Feet

Stainless Steel Appliances

Solid Wood Cabinetry

Granite Countertops

Beach View Balcony

Storage Unit

Solid Income History

Inside Laundry

$940,000

Mortgage Rates 

Average 6.71%

The 30-year fixed-rate mortgage averaged 6.71% this week. Purchase demand has remained relatively stable indicating steady interest from buyers adapting to evolving market conditions.

• The 30-year fixed-rate mortgage averaged 6.71% as of September 3, 2026, up from last week when it averaged 6.66%. A year ago at this time, the 30-year FRM averaged 6.50%.
• The 15-year fixed-rate mortgage averaged 6.04%, up from last week when it averaged 5.98%. A year ago at this time, the 15-year FRM averaged 5.60%.

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At a time when homeowners are installing new roofs and paying for impact windows, many are now finding out their credit report is also determining what they pay for insurance. Insurance companies use a specialized tool called a credit-based insurance score—derived from your credit report—to help decide if they will insure your home and how much to charge for your premium. Insurers do not look at the exact three-digit score you use to get a mortgage or a credit card. Instead, specialized data vendors (like LexisNexis or FICO) analyze your credit report specifically to predict the likelihood that you will file an insurance claim.

Source: Experian+1

The National real estate market is signaling a balanced environment in which buyers and sellers operate on a roughly level playing field. However, regional markets including the Tampa Bay Metro are currently in the buyer’s market column. Active inventory has risen significantly, giving buyers more negotiating power. Over half of active listings have experienced price cuts, and days on market has increased.

Source: REALTOR.com

Mortgage Rates 

Hold Steady

Mortgage rates changed little this week averaging 6.66%. The economy remains resilient, demonstrated by steady consumer spending and rising household incomes. More homes coming on the market and slower price growth in many areas are giving buyers better options and helping create a more balanced housing market.

• The 30-year fixed-rate mortgage averaged 6.66% as of August 27, 2026, slightly up from last week when it averaged 6.65%. A year ago at this time, the 30-year FRM averaged 6.56%.
• The 15-year fixed-rate mortgage averaged 5.98%, up from last week when it averaged 5.95%. A year ago at this time, the 15-year FRM averaged 5.69%.

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While the national housing market remains deeply challenged, Florida and its cities show tentative signs of bucking the trend. The Sunshine State, which led the national market downward as high interest rates put the brakes on home sales three years ago, might now be poised for an early rebound. In July, Florida showed a “strong increase in home sales along with price recovering,” National Association of Realtors® Chief Economist Lawrence Yun told reporters last week. That’s in stark contrast to a year ago, when the Florida market was in decline, he said. The Florida market still has its share of challenges. The upcoming governor’s race will determine how the state responds to its property insurance crisis and handles property tax reform. But there are surprising green shoots. “Florida’s housing market is showing more resilience than the national market,” says Hannah Jones, a Realtor.com® senior economist. “The clearest strength, though, is at the top of the market.” Home sales over $1 million are up 9.6% year over year in the state. They’re now 11.4% of all Florida transactions, versus 8.4% to 9.0% nationwide.

My Take

A severe hurricane season in 2024 meant the state took three bad wallops. But no severe hurricane followed in 2025, which might have given buyers more appetite to resume their searches in the state.

Mortgage Rates 

Average 6.67%

Mortgage Rates Decline for Second Consecutive Week

The 30-year fixed-rate mortgage declined this week averaging 6.65%. With a dip in rates providing modest relief for homebuyers, it’s important to remember borrowers can potentially save thousands by shopping around for the best mortgage rate.

• The 30-year fixed-rate mortgage averaged 6.65% as of August 20, 2026, down from last week when it averaged 6.67%. A year ago at this time, the 30-year FRM averaged 6.58%.
• The 15-year fixed-rate mortgage averaged 5.95%, down from last week when it averaged 5.96%. A year ago at this time, the 15-year FRM averaged 5.69%.

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More than 200,000 people transferred out-of-state driver’s licenses to Florida in the first half of 2026, the highest first-half total since 2023. Driver license data is particularly useful because it provides a faster look at migration than other government sources. The first-half figure is higher than in 2024 and 2025 and remains above pre-pandemic levels. Florida recorded 173,047 out-of-state license transfers in the first half of 2019. New York accounted for the most license transfers to Florida, with 23,436, followed by Georgia, New Jersey, California and Texas. The current pace remains below the pandemic-era peak. Transfers reached 215,412 in the first half of 2021 and 243,421 in the same period of 2022.

Source: Florida REALTORS

Mortgage Rates 

Average 6.67%

Mortgage rates remained relatively stable this week at 6.67%. Housing affordability has improved from a year ago, and recent increases in purchase and refinance applications suggest that borrowers continue to respond to even modest changes in mortgage rates.

• The 30-year fixed-rate mortgage averaged 6.67% as of August 13, 2026, down from last week when it averaged 6.69%. A year ago at this time, the 30-year FRM averaged 6.58%.
• The 15-year fixed-rate mortgage averaged 5.96%, down from last week when it averaged 6.01%. A year ago at this time, the 15-year FRM averaged 5.71%.

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More insurers and signs of lower rates could give Florida homebuyers additional coverage options and bring greater predictability to a cost that can shape monthly payments and complicate closings.

New data show Florida’s share of the nation’s homeowners insurance lawsuits has fallen sharply since state lawmakers overhauled the claims litigation system, according to Insurance Journal.

Florida accounted for nearly 5% of homeowners insurance claims nationwide in 2025 but about 41% of related lawsuits, the Florida Office of Insurance Regulation reported.

That is nearly half what it was in 2020. That year, Florida generated about 9% of the country’s homeowners insurance claims and more than 79% of its claims lawsuits.

The changes follow insurance reforms approved by the Florida Legislature in 2022 and 2023. 

The laws limited attorney fees in property insurance lawsuits and stopped policyholders from signing over insurance benefits to contractors.

At least 20 new insurance carriers have entered Florida since the reforms took effect, according to Insurance Journal. Several existing insurers also have announced rate decreases.

Source: Florida REALTORS

Mortgage Rates 

Average 6.69%

The 30-year fixed-rate mortgage averaged 6.69% this week. While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years.

• The 30-year fixed-rate mortgage averaged 6.69% as of August 6, 2026, up from last week when it averaged 6.66%. A year ago at this time, the 30-year FRM averaged 6.63%.
• The 15-year fixed-rate mortgage averaged 6.01%, down from last week when it averaged 6.04%. A year ago at this time, the 15-year FRM averaged 5.75%.

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After early 2026 momentum, brokers report buyer and seller pullback as 30-year conforming mortgage rates moved up to 6.94%. Heading into 2026, most economists and industry analysts were anticipating a stronger housing market than in past years. And for the first nearly two months of the year, it was looking like 2026 might be the year when things finally turned around for a housing market that has been stuck at roughly 4 million existing home sales since 2023. Prior to the Iran war starting in late February 2026, the rate for a 30-year conforming mortgage was at 6.23%. As of July 28^th, rates were at 6.94 after the war in Iran again began to escalate earlier in the month.

Source: HousingWire

Mortgage Rates 

Average 6.66%

The 30-year fixed-rate mortgage averaged 6.66% this week. The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate.

• The 30-year fixed-rate mortgage averaged 6.66% as of July 30, 2026, up from last week when it averaged 6.58%. A year ago at this time, the 30-year FRM averaged 6.72%.
• The 15-year fixed-rate mortgage averaged 6.04%, up from last week when it averaged 5.96%. A year ago at this time, the 15-year FRM averaged 5.85%.

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With insurance costs, private school tuition and restaurant spending all on the rise, Miami’s cost of living has surpassed that of New York, according to an annual price-comparison report published by the U.S. Bureau of Economic Analysis.

Source: Newsweek

Tampa Bay

Comes in to Focus

as Florida’s Gulf Coast

enters multibillion-dollar boom

For decades, the standard play for wealthy out-of-state transplants was to head straight to Florida’s East Coast. But now the rush is on to Tampa Bay and the Gulf Coast. Tampa Bay is posting the fastest luxury home price growth in the country. A corporate and residential gold rush is quietly emerging along the Gulf Coast. Driven by an I-75 corridor stretching from Tampa to Marco Island, Hollywood elites and high-net-worth families are helping fuel a multibillion-dollar real estate boom in historically quiet retirement havens.

Source: Newsweek / Redfin

My Take:

The value proposition of Tampa Bay and the Gulf Coast is undeniable. 

For example: The average luxury home price in Tampa Bay is currently $1,650,875. That same home in Miami is $4,855,331.

Mortgage Rates 

Average 6.58%

The 30-year fixed-rate mortgage averaged 6.58% this week. As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan’s lifetime.

The 30-year fixed-rate mortgage averaged 6.58% as of July 23, 2026, up from last week when it averaged 6.55%. A year ago at this time, the 30-year FRM averaged 6.74%.

The 15-year fixed-rate mortgage averaged 5.96%, up from last week when it averaged 5.93%. A year ago at this time, the 15-year FRM averaged 5.87%.

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Luxury home prices nationwide increased 4.7% year over year in May, compared with a 1.5% increase for non-luxury homes. Florida dominated the rankings, with Tampa Bay posting the fastest luxury home price growth in the country. Affluent buyers have remained active despite elevated mortgage rates because they are generally less sensitive to borrowing costs and are more likely to pay cash or make substantial down payments. Luxury home prices in Tampa, FL rose 15.6% year over year, the biggest increase of the 50 most populous U.S. metros, followed closely by Miami (14.2%). By contrast, non luxury prices fell 0.5% in Tampa, and they fell 0.7% in Miami.

Source: Redfin

My Take: While Tampa Bay leads in price growth it’s still “reasonable” compared to other luxury markets in the US. 

The average luxury home price in Tampa Bay is currently $1,650,875

San Francisco CA: $6,648,922

Anaheim CA: $5,276,971

Miami FL: $4,855,331

Los Angeles CA: $4,512,482

New York NY: $4,380,249

Beautiful Beaches, Friendly People, Professional Sports, Pro Business Environment and an Outstanding Airport. No wonder we are growing fast.

Mortgage Rates 

Average 6.55%

The 30-year fixed-rate mortgage averaged 6.55% this week. Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, thus the backdrop for prospective homebuyers is modestly improving.

The 30-year fixed-rate mortgage averaged 6.55% as of July 16, 2026, up from last week when it averaged 6.49%. A year ago at this time, the 30-year FRM averaged 6.75%.

The 15-year fixed-rate mortgage averaged 5.93%, up from last week when it averaged 5.82%. A year ago at this time, the 15-year FRM averaged 5.92%.