Where Mortgage Rates Stand
| Average Rates | Current | 1 Day | 1 Week | 1 Year |
|---|---|---|---|---|
| 30 Yr. Fixed | 6.52% | -0.01% ▼ | -0.13% ▼ | -0.20% ▼ |
| 15 Yr. Fixed | 6.12% | 0.00% — | -0.07% ▼ | +0.16% ▲ |
| 30 Yr. FHA | 6.07% | 0.00% — | -0.16% ▼ | -0.15% ▼ |
| 30 Yr. Jumbo | 6.75% | -0.01% ▼ | -0.10% ▼ | -0.09% ▼ |
| 7/6 SOFR ARM | 6.22% | -0.01% ▼ | -0.15% ▼ | -0.11% ▼ |
| 30 Yr. VA | 6.09% | 0.00% — | -0.16% ▼ | -0.14% ▼ |
Rates fell across the board this week — every product is lower than seven days ago, and most sit below year-ago levels (the 15-year is the lone exception). Green = lower, red = higher. Source: Mortgage News Daily, as of 6/29/26. Averages, not a quote.
The Hot Tool Right Now: Temporary Buydowns
How buyers are beating today’s rates
Year 1-2
A lower, stepped-up rate while you settle in
Seller-paid
Funded by a seller or builder credit, not your cash
Refi-ready
Refinance out of it if rates keep falling
With rates and prices still high, temporary buydowns — especially on FHA and VA loans — are surging. A 2-1 buydown can cut a buyer’s payment by hundreds a month in year one, paid by a seller credit rather than the buyer’s own cash. You still qualify at the full note rate, so it’s a safe bridge, not a gimmick — and if rates ease the way they did this week, you simply refinance out. Ask me to run one on your next offer.
The Housing Picture
Higher rates are pinching the new-home market: new-home sales fell sharply in May, hit hardest in the West and South. Mortgage applications rose overall, but the gain came from refinancing — purchase demand stayed soft. The longer-term fix is supply: a new JPMorgan brief points to zoning reform, faster permitting, and modular construction as keys to building more homes for less. Until that catches up, the shortage keeps a floor under prices.
Spokane Market Watch
Still brisk, quietly easing
Official SAR MLS data, YTD through May 2026
- $430K median price (down 1.1% YoY)
- 99.4% of list price received
- 5,397 new listings YTD (up 10.2%)
- 15 days on market (up from 12)
- 2,591 closed YTD (up 1.4%)
- $215 per sq. ft. (down 1.4%
Still a seller-leaning market — homes sell in about two weeks at 99.4% of list, well faster than the national pace, so lowball offers won’t land — though it’s easing at the edges with about 10% more listings to choose from. Across the state line, North Idaho is holding steady too: Kootenai County’s median runs around $545K, with homes selling a bit faster than a year ago.
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 in a competitive market, and a Fannie Mae rule lets underwriting drop the departing mortgage from their DTI, so they qualify on the new payment alone instead of two. (Recently did exactly this on a $425K Spokane move-up.)
A new doctor, dentist, or pharmacist moving to town.
A physician-specific program lets MDs, DOs, DDSs, pharmacists, and other 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 parked in deferment. Built for the new attending starting at a Spokane-area hospital.
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. Ideal for the business owner, the asset-rich buyer, or a move-up above Spokane’s $832,750 conforming limit.
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 (~6.10%) running well under conventional and jumbo. Often the strongest and most affordable offer a buyer can put on the table.
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 just touched a six-week low, the local market is steady, and buyers are still out there — but the economy is strong enough that the Fed isn’t cutting, so don’t bank on a big drop from here. If this week’s dip brings a payment within reach for one of your buyers, now’s the time to get pre-approved and lock a plan. If it doesn’t quite, let’s talk about a temporary buydown. Marry the house, date the rate.
Connect With Skip
- Got questions? Reach out to Skip Leasure
