What Falling Mortgage Rates Mean for Lawrence Buyers & Sellers

As we head into the final months of the year, the Lawrence housing market is feeling the impact of a welcome shift, mortgage rates have dipped. The 30-year fixed rate is now hovering around 6.25%, down from the upper 7s seen earlier this year, and that change is giving both buyers and sellers something to think about.

Mortgage expert Diane Fry with Fairway Independent Mortgage notes that on a $450,000 home with 20% down, today’s lower rates can save roughly $500 per month in principal and interest compared to just a few months ago. She advises that while it’s fine to keep an eye on the market, buyers who are ready may want to consider locking in their rate soon, as major improvements aren’t expected in the short term.

For buyers, this shift means a welcome boost in affordability and a bit more leverage, as showings and open house traffic have slowed. For sellers, the landscape requires careful strategy; homes that are priced right, well-staged, and in good condition are still attracting interest, while those that need updates or are overpriced may linger.

Bottom line: buyers have an opportunity to take advantage of lower rates and a softer market, while sellers who price thoughtfully and present their homes well can still achieve strong results.

Real Estate Tip: Homes priced right and in good condition generally sell faster, even in a slower November market. Your Stephens agent can help guide you on all the decisions to get your home ready to sell now – or later.