Market Report

The 30-year fixed rate came in at 6.49% for the week of June 25, according to Freddie Mac's Primary Mortgage Market Survey. One year ago this same week, that rate was 6.77%. The 15-year fixed sits at 5.84% today compared to 5.89% a year ago. Freddie Mac noted in their release that rates have been remarkably stable over the past six weeks, hovering in a tight range, while refinance activity has been picking up as borrowers respond to the current rate level.

The year-over-year drop on the 30-year is more significant than it might look. A 0.28 percentage point reduction in the rate on a $655,000 single family home purchase with 20% down translates to roughly $130 less per month in principal and interest. Over a full year, that is about $1,560 in savings. It is not the dramatic rate cut that some buyers have been waiting for, but it is real, meaningful movement in the right direction, and it compounds with the strong price appreciation data to paint an interesting picture for anyone considering a purchase this summer.

The broader rate environment continues to reflect a Federal Reserve that is holding steady and watching inflation data carefully. Rates have been in the 6.40% to 6.55% range for most of the past six weeks, and the market consensus is that meaningful Fed rate cuts are more likely in the second half of 2026 than imminent. For Salt Lake County buyers, the current rate environment is not cheap, but it is stable and it is improving year-over-year. The buyers who are active right now are not waiting for a number that may not arrive until well into 2027. They are buying into a market where prices are rising, inventory in the single family segment is tightening, and rates are quietly moving in their favor.

For Buyers

If you are shopping for a single family home in Salt Lake County this summer, the data argues against waiting. Prices are up 5.7% year-over-year, inventory is down from last year, and sellers are getting near-full asking prices. The window for finding negotiating room in that segment is narrow. The condo and townhome market tells a different story: prices are lower than a year ago, supply is ample, and the 42% surge in pending sales this month tells you other buyers are starting to recognize the opportunity. If the attached housing market fits your lifestyle and budget, the conditions are favorable right now in a way that may not last much longer.

For Sellers

Single family sellers in Salt Lake County are in the strongest position they have been all year. Tight inventory, rising prices, and buyers writing offers at 98% of list price is about as good as it gets in the current rate environment. The one thing that can derail a strong sale is overpricing, and with days on market up modestly from last year, the market is still distinguishing between well-priced homes and aspirational ones. Price with the data, not with hope, and June's market will work in your favor. In the condo and townhome segment, the pending sales surge is an encouraging sign, but sellers in that category still need to price competitively to capture the renewed buyer interest before it moves to a better-positioned listing.

For Investors

The condo and townhome segment continues to offer the most interesting entry points in Salt Lake County right now. Prices are down over 2% year-over-year, inventory is elevated, and the 42% pending surge in June suggests the bottom of this correction may be closer than the trailing price data would indicate. Salt Lake County's rental demand remains among the strongest in the Mountain West, and attached properties at current price levels pencil out for long-term rental holds in ways that single family homes in this market typically do not. If you have been watching and waiting, June's pending data is worth paying attention to.