Home prices keep climbing, the housing market got a major legislative update, and mortgage rates ticked up slightly last week. Here’s everything you need to know for the week of July 13th, 2026.
Last Week in Review
Cotality’s latest Home Price Insights report shows home prices rose 0.6% from April to May and are up 0.8% year-over-year, with a stronger 1.6% gain over the past three months. Cotality is forecasting another 4.8% in appreciation over the next year — meaning a $500,000 home could gain roughly $25,000 in value over the course of a year.
Nationally, existing home sales slipped 2.4% month-over-month to a seasonally adjusted annual rate of 4.09 million homes, though still up nearly 3% year-over-year. NAR Chief Economist Lawrence Yun notes this reflects how sensitive buyers remain to mortgage rates and affordability.
Locally, King County closed sales totaled 2,183 in June, down 6.4% from a year ago, while the median sales price was $889,000 — up slightly from May but down about 2.7% year-over-year. Active listings rose nearly 17% year-over-year, giving buyers noticeably more inventory to choose from.
Inventory has improved from last year but remains undersupplied by historical standards, which could put renewed upward pressure on prices if buyer demand strengthens.
In legislative news, the bipartisan 21st Century ROAD to Housing Act became law this past Saturday. President Trump neither signed nor vetoed the bill, so it became law automatically once the constitutional 10-day window passed. It will take time to see how this affects Washington homeowners and buyers, and I’ll share updates as they develop.
Finally, oil prices moved higher last week as tensions between the U.S. and Iran escalated — a trend worth watching closely.
Optimal Blue Mortgage Rate Index
As of Friday, July 11th, the Optimal Blue index put the average 30-year fixed rate at 6.511%, slightly higher than the prior week.
The Optimal Blue index reflects approximately 35% of mortgage transactions nationwide and is not a rate quote. You cannot lock in a prior week’s rate, and your credit score, loan-to-value ratio, and other factors will affect the rate you personally qualify for. This is intended only to illustrate the general trend in rates.
Economic Calendar
CPI releases Tuesday, followed by PPI on Wednesday — two key inflation reads amid renewed volatility in oil prices tied to the Iran conflict and the Strait of Hormuz. New Fed Chair Kevin Warsh testifies before Congress both Tuesday and Wednesday, which may offer insight into the future path of the fed funds rate. CME’s FedWatch currently shows 46% odds of a rate hike at the Fed’s meeting in two weeks.
- Monday: No major economic reports
- Tuesday: ADP Weekly, Consumer Price Index, Warsh testimony
- Wednesday: Producer Price Index, Fed’s Beige Book, Warsh testimony
- Thursday: Jobless Claims, Pending Home Sales, Retail Sales
- Friday: Housing Starts and Permits, Industrial Production/Capacity Utilization, Consumer Sentiment
Next FOMC Meeting: July 28–29, 2026
This week’s data may take a back seat to developments in Iran and oil markets.
MBS Highway Update
As of just before 11:00 a.m. Pacific on Monday, mortgage-backed securities were down 32 basis points. It has been a rough month so far for MBS.
In the Spotlight: Rent vs. Buy
This week’s spotlight tool compares renting versus buying — factoring in rent, a purchase scenario, and home appreciation over time to show how long you’d need to stay in a home to break even. I recently walked through this with first-time homebuyers I helped in Puyallup — read their case study here. Want this tool or others like it – check out our Mortgage Tools and Resources page.
Let’s Talk About Your Options
If you have questions about your specific scenario — buying, refinancing, a retirement mortgage, or just exploring your options — I’d love to hear from you. I’m always happy to help.
About Rhonda Porter
Speak Your Mind