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Mortgage Rates Drop, Bay Area Sales Surge 8.3%

9/28/2025

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Summary

Story summary

Mortgage rates fell to 6.35% APR, aided indirectly by the Federal Reserve's 0.25 percentage-point cut on September 17.
Some lenders are offering rates below 6%, attracting potential buyers.
Economic uncertainty keeps many buyers on the sidelines despite improved affordability.
Bay Area pending sales rose 8.3% from July to August, and the August median price reached $1.28 million.

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Story summary

Mortgage rates fell to 6.35% APR, aided indirectly by the Federal Reserve's 0.25 percentage-point cut on September 17.
Some lenders are offering rates below 6%, attracting potential buyers.
Economic uncertainty keeps many buyers on the sidelines despite improved affordability.
Bay Area pending sales rose 8.3% from July to August, and the August median price reached $1.28 million.