Mortgage Rates, Real Estate, and the Chicago Air & Water Show
- Zachary Schwartz
- Aug 15
- 2 min read
The dog days of summer are here. Mortgage market keeps shifting, but the skies over Chicago this weekend promise a show worth looking up for.
Whether you're checking out open houses or camped out by the lakefront, here’s your quick update on what’s happening in housing, the economy, and our hometown.
Mortgage Rates and Real Estate: Stable With a Side of Optimism
Mortgage rates and real estate have held relatively steady in recent weeks, with the average 30-year fixed hovering around 6.7%. While still higher than recent historical norms, stability in inflation and job growth are leading some analysts to predict gradual rate improvements heading into fall.
If you're waiting for a big drop in rates before making a move, remember: trying to time the market perfectly is like trying to catch the Blue Angels with a butterfly net. Instead, focus on real estate readiness: getting pre-approved, budgeting realistically, and working with a team that understands your goals.
🏡 Town Team Tip: Locking in a rate now and refinancing later when rates drop can often beat waiting on the sidelines and missing out on the right home.
Housing Market Update
Inventory: Modestly improving, especially in suburban areas
Prices: Holding firm in most Chicago-area neighborhoods
Buyer Activity: Up from spring thanks to clearer rate expectations and seasonal energy
First-time buyers are still facing competition, but not the frenzy of the 2021–2022 peak. Patience and preparation are your best tools right now.
The Economy in Brief
The July jobs report came in solid, with unemployment holding at 4.0% and wage growth continuing at a modest pace. Consumer spending remains strong, particularly in travel and hospitality (good signs for broader economic confidence).
The Federal Reserve is still watching inflation closely but hasn’t signaled any urgent rate hikes, which gives the market some breathing room.
Look Up! The Chicago Air and Water Show Returns
This weekend (Aug. 17–18), the Chicago Air and Water Show roars back to life with the U.S. Navy Blue Angels, the U.S. Army Parachute Team Golden Knights, and other jaw-dropping performances over Lake Michigan. It’s one of the best (and free!) shows of the summer and a reminder of what makes Chicago such a vibrant place to call home.
Whether you’re soaking up the sun at North Avenue Beach or listening from a rooftop deck, take a moment to enjoy this uniquely Chicago tradition.
Final Thought: Keep One Eye on the Sky, the Other on the Market
As summer winds down, it’s a great time to revisit your homeownership goals. Are you ready to buy? Need to explore refi options? Want help making sense of it all?
We're here to help you fly through the mortgage process (without the turbulence).
📞 312-896-2114
