Market Report

The 30-year fixed rate sits at 6.66% as of the week of July 30, according to the Freddie Mac Primary Mortgage Market Survey. One year ago at this same time, that rate was 6.72%, a difference of just six basis points. The 15-year fixed is at 6.04% today compared to 5.85% a year ago, meaning the discount for choosing a shorter term has actually narrowed over the past twelve months.

Because the 30-year rate is essentially flat year-over-year, nearly all of the added cost buyers are feeling this year is coming from price appreciation rather than financing. On a median-priced single family home with 20% down, a buyer today is financing a $524,400 loan at 6.66%, for a monthly principal and interest payment of roughly $3,371. A buyer purchasing last July's median-priced home with that same 20% down at 6.72% was paying closer to $3,295 a month. That works out to about $76 more per month, or roughly $910 more per year, and every dollar of that increase traces back to the higher price tag rather than the rate itself. On the condo side, where price growth outpaced single family, a buyer on a median-priced unit is paying closer to $97 more per month than a year ago, or about $1,167 annually, again driven almost entirely by appreciation rather than financing costs.

Freddie Mac's own commentary this week points to rising inventory nationally giving buyers more options and helping support activity even as rates fluctuate week to week, which lines up with what we are seeing locally. Rates have drifted up slightly over the past month, from 6.49% in late June to 6.66% now, so the direction near term has been upward even though the year-over-year comparison is essentially flat. Buyers who are active right now are largely operating in the mid-6% range as the baseline rather than waiting on a specific number to arrive.

For Buyers

The single family market in Salt Lake County has inventory that is barely growing year-over-year, prices that are still climbing, and pending sales showing steady underlying demand. Being ready to move quickly on well-priced homes still matters. In the condo and townhome market, the calculus is a bit different. You have meaningfully more options than a year ago and more room to negotiate, though prices there are still rising too, so waiting indefinitely for a deeper discount carries its own risk.

For Sellers

Single family sellers continue to hold a strong position. Inventory grew only 1.4% year-over-year, which tells you competition among sellers in this segment is not building the way it is elsewhere. Pricing accurately and presenting well continues to drive quick results. Condo and townhome sellers are working in a more competitive field, with active listings up nearly 27%, but the rise in both closed and pending sales shows that correctly priced units are still finding buyers without much trouble.

For Investors

The condo and townhome segment is worth a closer look this month. Inventory is up close to 27% year-over-year, giving investors more selection and more room to negotiate on acquisition price, while the jump in pending sales suggests rental demand and buyer interest in this segment remain healthy rather than fading. Salt Lake County continues to be one of the stronger rental markets in the Mountain West, and attached housing here typically offers more favorable entry pricing relative to single family. If you are working a longer hold horizon, this month's data is worth running the numbers on seriously.