Welcome to the 570th Weekly Mortgage Update. Before we get to the full update, if you need someone to help at your house, we have an AWESOME network of trusted, locally owned, and operated companies to connect you to in order to help. Whether you need plumbing help, have an electrical issue, or you need a dumpster for your reno (and attic clean out), OR with as hot as it's been, need someone repair or replace your HVAC, reach out to us so that you don't have to worry... just give us a call! Don't risk just calling a random provider, you may find a diamond in the rough, but you may not.

Before we jump into the update, we want to take a moment to remember Dolly Parton, who passed away this week at 80. Beyond a few featured stories here in the update, the music, Dolly spent decades quietly changing lives through her Imagination Library, which sent over 330 million free books to kids, LITERALLY all over the world. Her generosity is worth celebrating almost as much as her songs. Our editors wanted to include something here, beyond the diamond in a rough link above.

Now, back to the update. This week, rates bounced around worsening slightly and we're hoping for improvement in the coming weeks. The rates are shown just above the trivia question. If you have questions about how these rates apply to your situation, let's talk. But gang as usual, there is LOTS GOING ON, SO LET'S GET STARTED!

CRAZY STORIES

Dust off and open that old moving box, break out your magnifying glass, because our editors have a new case: who's buying up all the rare and out of print books lately? Booksellers say they've seen a jump in orders from a handful a week to hundreds, and the buyers aren't picky readers. They're grabbing obscure titles in bulk, no rhyme or reason to the picks except that they all have ISBNs (International Standard Book Number which is a 13-digit commercial number assigned to books, kinda like a serial number). Turns out AI companies are potentially behind the surge, buying old books just to scan every page for training material, then getting rid of the originals. Some sellers say it's great for clearing out dusty inventory. While others aren't thrilled their rare finds might vanish for good. Either way, it's proof robots have officially entered the chat on the used book business, and we’ll likely hear more about this going forward.

Here's the silver lining: while some rare classics might be at risk, truly terrible writing has nothing to worry about from AI. Case in point, the Bulwer-Lytton Fiction Contest, which ran for over 40 years celebrating the worst opening lines ever written. It's named after author Edward Bulwer Lytton, whose 1830 novel kicked things off with this LEGENDARY banger: "It was a dark and stormy night, the rain fell in torrents, except at occasional intervals, when it was checked by a violent gust of wind which swept up the streets (for it is in London that our scene lies), rattling along the housetops, and fiercely agitating the scanty flame of the lamps that struggled against the darkness." That one-line inspired generations of writers to intentionally write bad openers, and no AI model or chat bot is racing to scan those pages any time soon. Sadly, the contest wrapped up for good in 2025 after more than 40 years of honoring bad writing… please note, the Weekly Mortgage Update has NEVER been nominated for a Bulwer Lytton award… that we’re aware of. Click below to see more of the contenders from over the years! 

Every construction project has a surprise or two in the wings, but this one takes the cake (or maybe the sock). Engineers were building a HUGE underwater power cable between the UK and Ireland and their planned route was originally going to go right through a beach in Wales, until devoted fans of a certain wizarding book series stepped in as if transported from elsewhere. Turns out the beach was the location of a beloved fictional character's memorial (on film), and fans were not having their favorite elf’s (fictional) place of rest disturbed. The project manager said his team received HUNDREDS of calls once fans caught wind of their proposed and approved route. Good News is that the cable for a project valued at OVER $430 million was rerouted… so it didn't get too close to the fictional grave. BAD news is that it now runs closer to ACTUAL ancient burial grounds instead. I can’t imagine explaining the reason for the change or the reason for the delay to city council or a building inspector, a client or really anyone… “see, there’s a pretend elf… that died, and is imaginarily buried over here…sooooo” Sheesh. Click below to read more. 

REAL ESTATE TO BEHOLD



Gang, sometimes we do the work and sometimes, someone else helps, MUCH like that group pulling the tower above. Gang this week someone put together a roundup of 20 of the craziest and weirdest listings out there, (they didn’t call it their Real Estate to Behold section) and our editors voted on and wanted to share their favorites. Leading the pack is the Oak Hill Preserve in Ione, California, listed at $5.1 million, complete with… zebras, giraffes, and tortoises roaming the grounds. You MAY need a zookeeper background and good luck with the HOA!

Here are a few more that stopped us in our tracks (zoo dad joke):

·      The Beachfront Water Tower (California): A converted 1892 water tower with a circular staircase and a fifth-floor rotunda overlooking the ocean.

·      The Caboose House (Maine): A real train car turned tiny home, complete with a bed that hangs from chains.

·      The Origami House (British Columbia): A wild, angular mountain home that looks like folded paper brought to life.

·      The Chris Mark Castle (Connecticut): 18,777 square feet with an exterior that looks like an interesting set for a scary movie.

·      The Steel House (Texas): A jaw dropping, hand welded home made from recycled steel, so unique it once served as a Vogue Magazine photoshoot backdrop.

Check those unique properties and the other 14 houses and one zoo, by clicking below. Which was your favorite?

Our next property takes us across the pond, where Mark Zuckerberg entered the chat with a SIGNIFICANT purchase. The Meta CEO and his wife Priscilla Chan added a 196-year-old Gothic castle to their real estate portfolio, snagging Strancally Castle in Waterford, Ireland. The property comes with 11 bedrooms, 16,000 sqft of living space, and 440 acres of rolling countryside, plenty of room to log off and unplug. Built in 1830 and renovated in 2003, this one blends old world charm with modern comfort. Imagine how many ribs and brisket he could smoke at that castle... question can you get Sweet Baby Rays in Ireland? Click below to see more! 

And finally, if that previous castle is out of your price range, OR you want one that comes from the COOL archives without TRULY breaking the bank, have we got one for you that is shaken, not stirred, and now for sale.

Villa La Gaeta on Italy's Lake Como is the real-life backdrop for one of the most famous scenes in Bond history, the closing moments of Casino Royale where 007 tracks down his target lakeside. Built in 1921, this turreted, storybook style villa now has a two-bedroom apartment on the market through Sotheby's, priced between 1.2 and 1.4 million euros, roughly 1.3 to 1.5 million dollars. Owners get access to a private beach, communal gardens, a swimming pool, and their very own boat mooring, perfect for channeling your inner spy. It even comes with parking spots JUST in case an Aston Martin or two happen to be in your garage. Not a bad way to live out your life pretending to be James Bond, HOPEFULLY minus the gunfire.

THE ECONOMY AND REAL ESTATE

This week brought fresh inflation numbers, and the news is a bit of a mixed bag. The Personal Consumption Expenditures Index, (or PCE) is the Fed's favorite way to measure inflation, and it held steady at 3.7 percent annually in July, which was a skosh higher than experts predicted. BUT WAIT, (or as one sportscaster might say, NOT SO FAST MY FRIEND) if you take out the more volatile food and energy prices, core inflation came in at 3.3 percent, which was right in line with forecasts. Consumer spending flattened out last month and some folks quietly boosted their savings. The takeaway for home shoppers? Inflation continuing to overstay its welcome means the Fed still has a tricky decision ahead, and rates likely won't drop down much lower anytime soon. And economists agree, saying we're in a holding pattern until inflation shows real, lasting improvement. Bottom line don't expect that rollercoaster to drop down lower in rates just yet, but stability itself is worth something after all the ups and downs this year. Gang, we will continue to keep watching the data and let you know the moment anything seems to have strong conviction higher or more importantly LOWER!

The National Association of Realtors just released their July numbers, and the housing market continues to prove it's tougher than people think. Existing home sales dipped 1.7 percent from June, but here's the twist, they're still up 0.7 percent compared to last July. Translation, buyers are still out there, even with rates hovering above 6.5 percent. The median home price climbed to 434,100 dollars, marking 37 straight months of price increases. Our editors checked the math, and that's over three years of home values trending upward, even thru all the market gyrations and ups and downs of interest rates. NAR's chief economist Lawrence Yun says the market has been remarkably steady. Inventory sits at 1.54 million homes, giving buyers a modest 4.6 months’ worth of options. The bottom line, the market isn't booming, but it isn't slowing down either. Stability might not make headlines, but it's exactly what buyers and sellers need to plan with confidence.

Speaking of folks buying homes, we wanted to close this week with another question we get quite a bit, even as the 2008 market and mortgage meltdown or great Recession fades smaller into the rear view, which is when will the market crash, or will house prices drop. Again, our friends at Keeping Current Matters are up to answer that very question for you with a story titled, Worried About a Housing Crash? The Numbers Tell a Calmer Story. (**Note, our editors and all the writers and story runners here at the Weekly Mortgage Update really like calm. **)

A recent survey from Talker Research asked Americans to pick one word to describe how 2026 has felt so far. The winner? Stressful. And honestly, there’s been a lot going on.

So, it’s understandable if you've been putting off buying or selling a home until things settle down. But you may be waiting on something that's already happened. While everything else has felt shaky, the housing market has become one of the steadiest things out there. Look at the data.

Home Prices Have Leveled Out

After years of fast increases, data from the National Association of Realtors (NAR) shows home prices have been remarkably steady for the past 4 years (see graph below):

And experts say that's what to expect going forward, too. As Selma Hepp, Chief Economist at Cotality, explains:

"In 2026, we expect home prices to remain broadly stable, with modest appreciation at a national level."

No wild swings. Just slow, steady growth. That's a healthy market. Of course, that pace can vary a bit depending on where you live. But nationally, steady growth like this makes it easier to plan your budget, whether you’re buying or selling.

The Supply of Homes for Sale Has Steadied

For years, the supply of homes for sale was a moving target. It dropped fast during the pandemic and has been climbing pretty reliably ever since. Now, that pace of growth has slowed down. According to Realtor.com, inventory today is very close to where it was this time last year (see graph below): 

That’s helpful no matter which side you’re on. When the number of homes for sale isn’t changing much, you know what you’re walking into – how many options you’ll have as a buyer, and how much competition you’ll face as a seller.

Mortgage Rates Found Their Range

Yes, rates jumped dramatically back in 2022. But since then, Freddie Mac data shows they've stayed between 6% and 7% for the better part of the last 3 or so years (see graph below):

Yes, there was one brief spike above that threshold, but overall, rates have stayed in that range for a while now. That predictability helps when you’re planning a move. 

And now that this seems to be a longer-term trend, people have accepted it as the new normal. Buyers have gotten comfortable purchasing in that range, and sellers have gotten just as comfortable listing in it.

That comfort’s important because when both sides know what to expect, they keep making moves. In other words, the market isn't frozen waiting for something to change. It's moving calmly.

Bottom Line

The rest of the world may feel unpredictable right now, but the housing market doesn't have to. Prices, inventory, and rates have all found solid ground.

If stability is what you've been waiting for, it's already here. Let’s connect if you want to talk through what that means for your move.

RATES:

Pricing and rates remain erratic and volatile. Confirm rates & pricing directly with your loan officer.

Check out the trivia below and remember, there is a drawing to enter to win a gift card. This is your chance to enter for a chance to win the gift card awarded every other month. This trivia question is for the July & August drawing/card.

TRIVIA QUESTION

Gang, with the gorgeous Italian villa featured in our Real Estate to Behold section this week, we figured a James Bond trivia question was in order! The villa appears toward the end of Casino Royale, which was also the title of the first book by Ian Fleming featuring 007. What was the name of the first MOVIE made about James Bond?

A) Goldfinger

B) Moonraker

C) From Russia with Love

D) Dr. No

E) Casino Royale

Click here to EMAIL ME YOUR ANSWER.

**Email your answer to me to have your name entered in a drawing for a gift card at the beginning of even months and YES you can go back and answer previous weeks’ questions if you have not answered them already AND if we have not unveiled the answer yet***