(July 2025 Mortgage Market Insight from Clarkston Mortgage Advisor Erik Gascho) If you’re in Clarkston, Michigan—or anywhere in Metro Detroit—you’ve probably noticed the housing market shifting again. As we settle into the heart of summer 2025, many families are wondering: “Should I buy now… or wait?” “Have rates finally peaked?” “Is it smart to refinance in this market?” Let’s take a clear, honest look at where things stand right now—without the hype. 📉 Mortgage Rates Are Easing… But Still Volatile After several years of interest rate hikes aimed at battling inflation, mortgage rates in Michigan have slowly started to tick down. As of mid-July 2025, we’re seeing: 30-Year Fixed Rates averaging between 6.25% and 6.75%, depending on credit and down payment. 15-Year Fixed Rates closer to the 5.75%–6.25% range. FHA and VA Loans offering slightly better pricing for qualified buyers. While these aren’t the ultra-low pandemic rates of 2020–2021, they are significantly better than the 7–8% range we saw just last fall. 🏠 For Buyers: Is It Smart to Buy Now? Here’s the truth: you don’t marry the rate—you marry the house. With inventory creeping up slightly across Oakland County and competition softening, buyers now have more room to negotiate, especially on price or concessions. Local Homebuyer Tip: In Clarkston, Waterford, and Lake Orion, homes are sitting just a little longer on the market than they were earlier this year. That gives you leverage—if you're pre-approved and ready. If you’re a first-time homebuyer in Michigan, now might be the perfect time to enter the market before rates drop further and competition spikes again. 🔁 For Homeowners: Should You Refinance? If your current mortgage rate is above 7%, it’s definitely worth having a conversation. But here’s where it gets strategic—refinancing isn’t just about rate: Are you carrying high-interest credit card or personal loan debt? Are you planning home improvements? Are you going through life changes like divorce, retirement, or sending kids to college? Refinancing can help create monthly cash flow relief, even if the rate savings is modest. My team and I specialize in Total Cost Analysis reports that show you the real math over 5, 10, or 30 years—not just a quick monthly number. 🎯 The Bottom Line: What Should You Do Right Now? Every family’s financial situation is different—and the market is changing week by week. That’s why we offer what we call a “Dreams & Goals” Mortgage Planning Session. It’s not a sales pitch. It’s a personalized look at how your mortgage fits into your bigger financial life. ✅ Buying your first home? ✅ Thinking of moving to a better school district? ✅ Want to free up monthly cash flow or build equity faster? Let’s make sure your mortgage strategy is aligned with your life goals.