Where Mortgage Rates Stand
| Average Rates | Current | 1 Day | 1 Week | 1 Month | 1 Year |
|---|---|---|---|---|---|
| 30 Yr. Fixed | 6.63% | +0.04% ▲ | +0.03% ▲ | -0.03% ▼ | -0.16% ▼ |
| 15 Yr. Fixed | 6.17% | +0.01% ▲ | +0.02% ▲ | +0.04% ▲ | +0.18% ▲ |
| 30 Yr. FHA | 6.20% | +0.03% ▲ | +0.05% ▲ | +0.02% ▲ | -0.09% ▼ |
| 30 Yr. Jumbo | 6.78% | +0.03% ▲ | +0.03% ▲ | +0.08% ▲ | -0.11% ▼ |
| 7/6 SOFR ARM | 6.32% | +0.07% ▲ | +0.06% ▲ | +0.02% ▲ | -0.03% ▼ |
| 30 Yr. VA | 6.22% | +0.03% ▲ | +0.06% ▲ | +0.03% ▲ | -0.08% ▼ |
Rates ticked up this week — but most still sit below a year ago (the 15-year is the exception, higher across the board). Green = lower, red = higher. Source: Mortgage News Daily, current reading. Averages, not a quote.
Is 6.6% Really “High”? A Look Back
Today’s rate in historical context
~7.5%
The 30-year’s average rate since 1980
2.96%
2021’s record low — the anomaly, not the norm
Below Avg
Where today’s mid-6% rate sits
When today’s rate feels “high,” take the long view: the 30-year fixed has averaged about 7.5% since 1980, so a mid-6% rate is actually below the half-century norm. The sub-3% rates of 2020–2021 were a once-in-a-lifetime event — not a baseline to wait for. Today’s rate is historically normal, and it’s one you can always refinance later if rates ease.
The Housing Picture
The national market is quietly splitting in two. Home-price growth is cooling but still positive, and regional differences are getting sharper — softer markets are emerging in the South and Southwest, while other areas hold firm. Mortgage applications were essentially flat: a small bump in purchases was offset by a dip in refinancing, even with slightly lower rates. The bigger shift for buyers: as inventory rises, the frantic, waive-everything market is fading — buyers are regaining leverage.
Soft Landing
The week’s economic theme
Regional
Price trends increasingly diverging
Rising
Inventory — less pressure to waive contingencies
Spokane Market Watch
Steady, with more room to breathe
Official SAR MLS data, June 2026 (vs. June 2025)
- $430K: Median price (up 1.2% YoY)
- 20 days: On market (up from ~16)
- 98.9%: Of list price received (flat)
- 874: Closed sales (up 9.3% YoY)
- 3,605: Active inventory (up 9.4% YoY)
- 4.1 mo: Supply of inventory
Prices are holding — the median hit $430K in June, up 1.2% from a year ago — and closed sales are running well ahead of last year (874, up 9.3%). But homes take a bit longer now (about 20 days), and with active inventory up roughly 9%, buyers finally have real room to breathe. Across the state line, North Idaho is steady too (Kootenai County median around $545K). The upshot: in a balancing market, buyers rarely need to waive their inspection to win anymore.
Bring Me This Client
The files other lenders call “too hard” are often the ones I close. A few buyers your fellow agents may be writing off:
Outgrew their home but can’t sell first.
We engineer a non-contingent “buy before you sell” offer funded by bridge financing — it wins the bid, and a Fannie Mae rule lets underwriting drop the departing mortgage from their DTI, so they qualify on the new payment alone. (Recently did exactly this on a $425K Spokane move-up.)
A new doctor, dentist, or pharmacist moving to town.
A physician-specific program lets medical pros buy with as little as nothing down and no monthly mortgage insurance on loans up to $2M — and qualify on a signed offer letter before their first paycheck, even with student loans in deferment.
A high-end or self-employed buyer the agency box won’t fit.
For jumbo purchases up to $4M with as little as 10% down, a portfolio program qualifies buyers whose tax write-offs sink conventional approvals — using bank statements, 1099s, a P&L, or assets alone.
VA-eligible and assuming they’re priced out.
For the service members and veterans near Fairchild: $0 down, no monthly mortgage insurance, and a VA rate (~6.22%) often running under conventional. Frequently the strongest and most affordable offer a buyer can make.
Conventional, VA, and portfolio (non-agency) programs as noted; not available on every file, and terms vary by program and borrower. All scenarios subject to underwriter review and credit approval.
Skip’s Bottom Line
Rates nudged up this week, but they’re historically normal and still below a year ago; the economy is cooling gently; and our local market is steady with buyers regaining a little leverage. Translation: this is a stable, buyable market — not one to wait out. Get pre-approved, make a strong (not risky) offer, and let’s get your client home. Marry the house, date the rate.
Connect With Skip
- Got questions? Reach out to Skip Leasure
