What Happened With Rates This Week
Mortgage rates were relatively flat this week.
The 10-year Treasury yield stayed in a tight range, keeping pricing stable day to day. Periods like this are common and often come before a bigger move.
Markets are still in a wait-and-see phase. A slight uptick in uncertainty created mild upward pressure on rates, but overall movement remained limited.
Looking ahead, next week brings new economic data and a Federal Reserve update. No major changes are expected, but markets will be watching closely for direction.
Current Mortgage Snapshot
30-Year Fixed: 6.32% ▲ 0.03
15-Year Fixed: 5.91% (flat on the week)
Rates reflect national averages sourced from MBS Live and are for informational purposes only. Actual rates vary based on borrower profile, loan structure, and market timing.
When the Appraisal Comes in Low — What Buyers Need to Know
In competitive markets, homes sometimes go under contract above appraised value. When that happens, the lender bases the loan on the lower of the purchase price or appraised value.
Example:
Purchase price: $300,000
Appraised value: $290,000
That $10,000 difference becomes the buyer's responsibility if they want to move forward at the agreed price.
For buyers planning to put 20% down, this creates a key decision point:
Attempt to renegotiate the purchase price
Bring additional cash to cover the gap and maintain 20% down
Reduce the down payment and potentially introduce mortgage insurance
Walk away, depending on contract terms
One important note: the gap cannot be financed through the mortgage itself. Introducing new debt to cover it can impact qualification and, in some cases, prevent the deal from moving forward.
Strong offers win deals but prepared buyers get them to closing.
Quick Tip for Agents
Before submitting a strong offer, ask every buyer:
"Do you have flexibility beyond your down payment if the appraisal comes in short?"
That one question can save the deal.
Agent Spotlight 🔦 – Western New York
Each week the Buffalo Mortgage Market Brief highlights a real estate professional active in the Western New York housing market as part of a broader look at the local real estate landscape.
Liliya Dedovets— (HUNT Real Estate)
This week’s WNY Agent Spotlight features Liliya Dedovets with HUNT Real Estate, based out of the Lockport office.
Serving clients across Niagara, Erie, and Orleans counties, Liliya works with both buyers and sellers, guiding them through each step of the process with a clear and steady approach. Her experience includes relocation services, assisting individuals and families moving both in and out of state, as well as working with investors to identify opportunities in the local market.
While well rounded across all aspects of real estate, she especially enjoys working with buyers, taking the time to understand their goals and helping them navigate the path to finding a home that fits their needs.
Troy Pulli