MORTGAGE RATES TICK UP, HITTING 6.83%

via realtor.com—The Freddie Mac 30-year mortgage rate increased 21 basis points to 6.83% this week, following the recent sharp spike in 10-year treasury yields. Last week, growing investor concerns about international relations and global trade tensions triggered a sharp sell-off in government bonds, pushing the 10-year treasury yield up to 4.5%. This matters because the 10-year yield serves as a key benchmark for mortgage rates—when it rises, mortgage rates typically follow suit. Fortunately, markets have shown signs of calming this week, with yields settling around 4.3%.

Looking ahead, the potential impact of tariffs on both inflation and broader economic softening remains unclear. This uncertainty adds to ongoing speculation about the Fed’s next move on interest rates, the direction of the 10-year treasury yield, and, ultimately, where mortgage rates are headed.

What it means for the housing market

While many homeowners still feel “locked in” by elevated mortgage rates, their patience is wearing thin. According to a recent Realtor.com survey, 78% of potential sellers expect interest rates to either remain the same or rise in the next 12 months—suggesting that waiting may not pay off. As a result, we’re seeing an ongoing rise in new listing activity, especially as we are in what is the best week of the year to sell

Looking forward, competing economic forces are pulling mortgage rates in opposite directions, making it increasingly difficult to predict where they’ll land. For buyers, the smartest move is to stress-test their budgets across a range of possible rate scenarios to stay prepared…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

Small jump in inventory this week. There are now thirty-nine (39) active listings in the Miami Springs/Virginia Gardens market. Almost half of the active listings are over $1 million. There is one (1) new pending sale. Inventory hovered at approximately 35+/- listings the last month. Sold prices remain strong for sellers and there are still serious qualified buyers looking for the right property, though demand has slowed. Sales slowed down a bit last year too, volume-wise, but prices remained strong. We are, however, seeing more price decreases on active listings. We are truly in a unique market.

We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 80 days. Twenty-one (21) of the active listings had a price reduction—five (5) this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; three (3) listings are priced between $600,000-$700,000; eight (8) are priced between $700,000-$800,000; nine (9) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; fifteen (15) between $1-2 million; and two (2) priced for over $2 million.

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During the period of April 11, 2025 through April 18, 2025, there were reported 4 new listings, 3 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 5 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of April 18, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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