If you've been holding off on buying a home in Central Ohio because of rate headlines, here's something worth knowing: more buyers are moving forward right now, not less. A growing number of homes for sale is giving buyers more to choose from, even with mortgage rates parked at their highest point of the year. Here's what's behind the shift, and what it could mean for your own search.

The Gist

  • Mortgage applications bumped up 1.9% last week, mostly thanks to a 6% jump in purchase applications
  • Rates are near their highest weekly average all year, but more homes for sale are giving buyers something to work with
  • The advice from the experts? Stop obsessing over timing the rates perfectly, and start focusing on whether a home actually fits your life

Okay, So What's Going On Here

Here's the plot twist: mortgage applications went up last week, even though rates just hit their highest weekly average of the year. Not exactly what you'd expect, right?

The Mortgage Bankers Association says applications climbed 1.9% for the week ending Friday. And it wasn't refinancing driving that — purchase applications (aka people actually buying homes) jumped 6% from the week before. Refis actually dipped a little, down 2%.

Zoom out and it gets even better. Purchase activity is now running 0.2% ahead of this time last year, which is a real flip from the week before, when things were actually lagging behind 2025. Refinancing is having an even better year, up 7% compared to last year.

So Why Are People Buying Right Now?

It's definitely not because rates got friendlier. The 30-year fixed rate averaged 6.55% last Thursday, and by Tuesday it had crept up to 6.75% on a daily basis.

The real reason people are moving is inventory. There are just more homes to choose from than there were a year ago — up 4.2% in June, per Homes.com data. And that's a pattern showing up here in Central Ohio too, with more listings giving local buyers more to choose from. More options means more chances buyers find something that actually clicks for them, even if the monthly payment stings a bit more than they'd like.

Mike Fratantoni, chief economist at the Mortgage Bankers Association, thinks this has some staying power. Growing inventory is helping drive purchase activity across a lot of markets. He also pointed out a wrinkle to keep an eye on: inflation eased up in June, but oil prices spiked again, so don't be surprised if that progress stalls out in July — which probably means rates stick around at these higher levels for a bit longer.

The Advice Worth Actually Listening To

If you're holding out for the "perfect" moment to buy, Jeff DerGurahian, chief investment officer at loanDepot, has some blunt advice: stop waiting for it.

His take? The bigger picture hasn't really changed. If you find a place that fits your budget and your long-term plans, it's worth moving on it now — and hey, if rates drop later, refinancing is always there as a backup plan.

Bottom line: Rates are annoying, sure, but they're not the whole story. If you've been sitting on the sidelines because of scary rate headlines, just know there are more homes out there to choose from right now — and that might matter a lot more for your search than the rate itself.

Ready to See What's Out There?

 

More inventory means more homes that might fit what you're looking for — including some you won't find with a basic online search. Contact Kendra today for a personalized list of available homes in Central Ohio, plus access to listings not yet on the open market.