The Fourth of July has always been my favorite holiday.

Growing up, I spent summers at my grandparents’ home on Candlewood Lake, where they threw the best 4th of July parties. The highlight was always my uncle’s “professional” fireworks show over the lake — some years even the local police would drop by to say hi 😉. And since my birthday is just a few days later, there was always cake to top it all off.

With that, I wish you all a memorable 4th of July weekend full of celebration, reflection, and time with loves ones. God Bless America!

Today’s Topics:

Mortgage Rates Trending Downward as The Summer Market Begins
The Equity Effect: Homeowners Upsizing, Investing, or Refinancing
South Salem Home for Sale that Predates the American Revolution

The Mortgage Rate Impact on the Summer Market

Mortgage rates are slowly trending downward at just the right time. As of this week, conforming loans sit at 6.75%, FHA loans at 6.27%, and jumbo loans at 6.85% — the lowest levels we’ve seen since early April. While these aren’t dramatic drops, they’re meaningful. Just a few months ago, rates hovered stubbornly above 7%. Now, as the summer buying season kicks into gear, buyers are starting to reengage. According to the Mortgage Bankers Association, mortgage applications ticked up 1.1% last week, early signs that buyers are taking notice.

Purchase Applications Up: Up 10% week-over-week and 16% higher than 2024.
Refinances Jump: Up 7% from the prior week and 40% higher year-over-year.
Political Pressure on the Fed: Behind the scenes, calls for rate cuts are growing louder. Trump-aligned housing figures and even Fed members like Michelle Bowman and Christopher Waller are signaling support for a July rate cut. Still, Fed Chair Jerome Powell remains cautious.

Ralph’s Take

Cautious optimism is beginning to take hold. Declining mortgage rates are breathing some life back into both the refinance and purchase markets. If rates continue to ease, even modestly, we could see the summer selling season stretch further and re-engage buyers who’ve been sitting on the sidelines. With the potential of a Fed rate cut, the bond market is already positioning for lower yields — pulling down Treasury rates, which mortgage rates typically follow. That’s particularly meaningful in Westchester, where many buyers are also sellers. Each buyer who returns often brings a new listing with them — something our low-inventory market urgently needs.

Westchester Weekly Market Tracker 📈

‘Coming Soon’ Listings: 48 ↑+23
New Listings: 148 ↓-70
Price Reductions: 70 ↓-22
Pending Sales: 194 ↑+3
Closed Sales: 245 ↑+24

💰 Notable Sale: 50 Black Birch Lane, Scarsdale: $2,318,000 - 37% over ask in 16 days.

_{Property Type: Residential. OneKey MLS, Inc. 6/27/25 - 7/4/25.}

The Equity Effect: How Homeowners Use Gains to Upsize, Invest, or Refinance

If you own a home in Westchester County chances are you’re sitting on a historic amount of equity. Since 1995, New York property values have surged by an incredible 284%, and in Westchester County, values jumped more than 30.8% just since March 2020. According to the June 2025 Mortgage Monitor from ICE Mortgage Technology, U.S. homeowners are accessing their equity at the highest levels since 2008. Here’s where that equity might be going:

Helping Families Buy Homes: Bank of America reports that 49% of Gen Z buyers received help from family.
Home Improvements: Many homeowners are choosing to renovate rather than move due to high rates.
Debt Consolidation: With HELOC rates under 7.5%, many are consolidating high-interest debt into lower-cost payments.
Building Wealth Through Investment: Some are using equity to invest in second homes or rentals while rates stay steady.
Multigenerational Living Upgrades: As more extended families share a home, homeowners are using equity to create additional living space.

Ralph’s Take

The uptick in homeowners tapping into their equity is largely driven by declining borrowing costs. The average monthly payment to borrow $50,000 via a home equity line of credit (HELOC) dropped from $412 in early 2024 to $311 by the end of Q1 2025. With projections pointing to mortgage rates falling into the mid-6% range by 2026, tapping into home equity is becoming noticeably more affordable.

Revolutionary Roots: Historic Farmhouse Hits the Market

Timeless 1776 Farmhouse – First Time Offered in Over 50 Years

For the true historic home enthusiast, this 1776 center-chimney farmhouse is a rare find. Meticulously preserved, it features extraordinary wide-board floors, exposed beams, and three fireplaces off a massive central chimney — all with impressively high ceilings for the era. Click Here for Listing Details

Just Missed the Cut

Mortgage Watch 📉

Today’s average 30-year fixed mortgage rate is relatively unchanged from last week at 6.75% (⬆️ 0.03 from this time last week).

_{> The rate you may be eligible for can vary greatly from the daily average published via}_{Mortgage News Daily}_.

Westchester Events

Saturday, July 5th - Sunday, July 6th

7/5: Barnyard Bash
7/5: Cider Nights
7/5: Cross County Summer Fest
7/5: Downtown Summer Sizzle
7/5: DJ Days at Glen Island Beach
7/5: Revolutionary Walking Tour
7/6: Griffin Anthony Live / Cider Nights
7/6: Photos with Wolves
7/6: Southwest Fireworks Extravaganza

Ongoing:

6/26 - 7/5: Mamaroneck Fireman’s Carnival
6/19 - 7/6: Yonkers Summer Carnival

Farmer’s Markets:

Saturday: Bronxville, Chappaqua, Greenburgh, Hartsdale, Hastings-on-Hudson, Katonah, Larchmont, North Salem, Ossining, Peekskill, Pleasantville, Pocantico, Sleepy Hollow / Tarrytown
Sunday: Irvington, Katonah, Mount Kisco, Rye, Scarsdale, Somers, Tuckahoe

Click for Event Info, Times, and Links!