As we move into the heart of summer, the housing market is experiencing some shifts—from changes in the job market to the potential for lower interest rates in the months ahead. Whether you’re buying, selling, or supporting clients through the process, understanding what’s happening behind the scenes can help you make informed decisions.

The Job Market is Shifting

The economy added 147,000 jobs in June and the unemployment rate dropped slightly to 4.1%. While that sounds like great news, a deeper look shows that most of the new jobs were in government—not in the private sector. We’re also seeing jobless claims begin to rise. That could be a sign that the job market is cooling, which might help ease inflation over time and support lower mortgage rates.

Rate Cut on the Horizon?

Speaking of rates—markets are now expecting the Federal Reserve to cut interest rates at their September meeting. At the same time, the government is preparing to issue a large amount of new debt, which may keep longer-term rates from falling too quickly. It’s a bit of a tug-of-war, but there’s growing optimism that we’ll see some rate relief this fall.

Mortgage Rates Hold Steady

Mortgage rates had been trending down through most of June but ticked up again after a strong jobs report and a new round of tariffs announced in early July. For now, we’re in a “rangebound” market—rates aren’t spiking, but they’re not falling dramatically either. If the Fed cuts rates in September as expected, we could see more favorable borrowing conditions.

What This Means for You

For buyers, this is still a market that rewards preparation. Even small changes in rates can significantly impact monthly payments. For sellers, flexibility is key—buyers remain active, but they’re also more cost-conscious than ever. If you’re working with a trusted lender, now is a good time to talk through strategies like rate locks, buydowns, and personalized loan options.

At Mutual of Omaha Mortgage, we’re here to guide you through the market with clarity and confidence. Whether you’re purchasing a new home or helping a client close one, our team is ready to support every step.