Today's Market News:
Loan Applications Respond to Rate Climate
Mortgage rates continued to edge lower this week, hitting a four-week low on Tuesday, April 14th. This helped mortgage application volume rise by 1.8% last week when compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.42% from 6.51%, with points increasing to 0.62 from 0.61, including the origination fee, for loans with a 20% down payment.
However, more potential buyers stayed home due to continued economic uncertainty. Applications to purchase a home dropped 1% over the past week and were 3% lower than the same week one year ago, marking the second consecutive week that applications were below last year's level.1
Why You Should Be Yourself Online
Have you ever checked out other agents' sites and wondered if an expensive website and headshot was worth it? While first impressions are important, being consistent is also essential...and so is being yourself. People don't work with pricey logos; they want to work with a real person.
If you're new to the business or still establishing your presence, here are three steps to consider.
Step One: Your website and branding prove you're a pro, but it's more important to stick to the basics than to spend a lot on them. In addition, too much "perfect" can feel fake. Use the same colors and fonts on your site and business cards and make sure your head shot is current.
Step Two: Now you're ready to move on to building a consistent online personality. Make sure you're in your prospects' social media feeds every week. Post about local events, schools, nonprofits and small businesses.
Step Three: Share some fun things about yourself. Don't be afraid to include photos of your pets, or of yourself and your favorite hobby outside real estate. This tells people you're as real as they are and helps you build essential connections.
When someone is ready to buy or sell a home, they don't hire expensive logos. They want to work with someone who knows the neighborhood, has a likeable personality, and plenty of motivation to support their housing needs.2
More Home Sellers Cut Prices During February
Recent data from Redfin found that more than one-third (34.2%) of home sellers lowered their list price during February 2026. That's up from 31.5% a year earlier (during February 2025).
Sellers who cut their sticker prices lowered by an average of 7.3%, which was the highest February percentage since 2023. Home sellers in Texas and Florida were most likely to make price cuts, while sellers in the Bay Area were least likely.
Among all February home sellers (not just those who reduced their price), the average price cut was $13,463, or 2.4% — the highest February percentage on record.
The survey also made some discoveries regarding seller behavior. For example, sellers who have owned their home for longer were less willing to cut their price. Less than one-third (31.8%) of February 2026 sellers who had been in their home for at least seven years lowered their price.
This is lower than the 34.9% of sellers who have only been in their home for two to seven years. This is because some bought their homes during the peak of the pandemic market and have become concerned about falling property prices.
These percentages are based on a Redfin analysis that measured closed home sales only; it does not measure final sale prices, which may include additional price reductions.3
Buy or Rent? These Shoppers Might Go Either Way
According to a recent Zillow analysis, around 8% of shoppers aren't just looking for their next home; they're also checking out available rentals. These "dual shoppers" explore both options before making a decision.
Dual shoppers tend to focus on similar types of properties, such as family-sized, three-bedroom homes. This suggests that their lifestyle needs are consistent, even though they're considering two very different paths. These shoppers are most prevalent in markets where the costs of buying and renting are steeply divided.
New York City heads the nation, with 29.9% of home shoppers also considering rentals. This adds up to 3.8 times the national share of renters and 4 times the share for the broader New York metro area. The city's unusually high share of renter households (about 70%) and steep home prices are why it's common for shoppers to weigh both options.
Other areas where dual shopping is popular include the Los Angeles metro area, where 12% of for-sale shoppers are also browsing rentals. Other California metros — San Diego (10.8%) and San Francisco (10.1%) — aren't far behind.
In each of the California markets, the median household would need to spend roughly two-thirds of its income on a monthly mortgage payment with a 20% down payment, highlighting the affordability pressures driving shoppers to consider both options. Renting, by comparison, cuts the monthly housing bill roughly in half.4
Real Estate-Related Fraud Still Rising
Those figures were higher than 2024 and 2023 — which saw 9,359 complaints totaling more than $173 million in losses and 9,521 complaints totaling about $145 million, respectively.
In addition to these stats, the report emphasized how AI is shaping fraud by helping schemers appear more convincing by becoming harder to detect.
One scheme that became popular in 2025 was related to cryptocurrency investing and nicknamed "pig butchering." These are more complex than many other scams, as the scammer must gain the trust of their victims so they can convince them to invest with them, depositing funds into fake crypto accounts. The U.S. Secret Service said this particular scam resulted in $15 million in total losses for 60 real estate agents.
Want to make sure you and your office are foiling these scammers? Review NAR's Cybersecurity Checklist by clicking here.5
Sources: 1cnbc.com, 2buildingbetteragents.com, 3redfin.com, 4zillow.mediaroom.com, 5www.nar.realtor
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