Mortgage Rates Rise Slightly - But Still Offer Opportunity for Northeast Ohio Buyers

After the Fed’s latest rate cut, mortgage rates inched up but remain near 2025 lows. According to Homes.com, the 30-year fixed-rate mortgage averaged 6.22% last week, slightly above the previous week but far below early-year highs that topped 7%. The 15-year average sits around 5.76%.

For buyers in Greater Cleveland and the surrounding suburbs, that stability matters. Local lenders report steady pre-approval activity, and competitive rates are keeping well-priced homes moving. Northeast Ohio’s relative affordability - where median home prices hover around $190,000, compared to the national median of $412,000 - makes small rate shifts less painful here than in pricier metros.

Even so, timing still counts. Rates are influenced by Treasury yields and inflation expectations, not just the Fed’s decisions. Analysts expect rates to hover in the low-6% range through 2026, which means buyers who lock in soon may capture the year’s best financing window.

Bottom line: Cleveland-area buyers are benefitting from a sweet spot - stable prices, manageable competition, and mortgage rates that still favour well-prepared borrowers. Sellers, too, are reaping rewards from an active buyer pool bolstered by renewed confidence and slightly lower borrowing costs.

• https://www.homes.com/news/mortgage-rate-rise-but-stay-near-2025-lows/321417465
• https://www.freddiemac.com/pmms