Mortgage rates barely budged this week, offering little relief for buyers navigating one of the toughest housing markets in years.

Freddie Mac reported that the average rate on a 30-year fixed mortgage settled at 6.74% for the week ending July 23, a marginal drop from 6.75% the week prior. The average 15-year fixed mortgage dipped to 5.87%, down from 5.92%.

While the shifts are small, the consistency provides some stability in an otherwise unpredictable housing environment. "Overall, the backdrop for the housing market is positive as the economy continues to perform well with solid employment and income growth," said Sam Khater, chief economist at Freddie Mac.

Mortgage activity reflects the mixed signals. Applications to purchase homes climbed 3% from last week, according to the Mortgage Bankers Association, but refinance activity dropped by the same margin. "We expect overall demand to ebb and flow as long as mortgage rates remain volatile due to the ongoing economic uncertainty," said Bob Broeksmit, MBA CEO and president.

The bigger challenge lies in home sales. Realtor.com now forecasts that existing home sales could fall to just 4 million transactions in 2025, down 1.5% from last year and marking another historic low. At the start of the year, analysts expected sales to rise slightly — but higher borrowing costs and limited affordability have kept many buyers on the sidelines.

For now, mortgage rates remain elevated, and while they have steadied in recent weeks, housing market activity shows few signs of a meaningful rebound.

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Bollinger Shipyards, a nearly eight-decade-old Louisiana company best known for building vessels for the commercial, military, and government sectors, is entering the space race. The company has been tapped by Rocket Lab, a California-based aerospace firm, to convert a barge into a floating landing platform for reusable rockets.

The project, which began earlier this summer, will transform a 400-foot vessel into a high-tech ocean platform equipped with thrusters for stability, remote-control systems, and blast shields designed to withstand rocket exhaust. Once completed, the platform — aptly named "Return on Investment" — will support Rocket Lab's Neutron rockets along the East Coast near the company's Virginia launch site.

"Partnering with Rocket Lab on this venture highlights not only the innovation happening in space flight, but also the adaptability of American shipbuilding," said Bollinger Shipyards President and CEO Ben Bordelon.

The work is taking place at Bollinger's Amelia, Louisiana facility and is expected to wrap up in 2026. The vessel will play a critical role in Rocket Lab's push to develop a reusable rocket program, putting the company in direct competition with industry giants like Elon Musk's SpaceX and Jeff Bezos' Blue Origin.

Rocket Lab's Neutron rocket stands 141 feet tall and is capable of carrying payloads of up to 13 tons into orbit. The company envisions it as a workhorse for satellite launches and national security missions.

"This project modernizes Gulf Coast shipyard capabilities while positioning Louisiana to contribute directly to the future of aerospace," said Shaun D'Mello, Rocket Lab's vice president.

Bollinger has built more than 4,000 vessels since its founding in 1946 and remains one of the largest employers in the bayou parishes, with annual revenues exceeding $1 billion. Its new contract with Rocket Lab is the latest example of Louisiana's deep ties to the space industry.

Just outside New Orleans, NASA's Michoud Assembly Facility has been a hub for rocket construction for more than 60 years. Local leaders say Bollinger's new project continues that legacy in a rapidly expanding commercial market.

"As commercial space exploration accelerates, recovery and support missions at sea will become increasingly important," said Josh Tatum of Greater New Orleans Inc. "Louisiana is well-positioned to be part of that future."

Founded in 2006 in New Zealand by Peter Beck, Rocket Lab relocated its headquarters to California in 2013 and has since grown into a global competitor with about 2,000 employees. The company has already launched more than 200 satellites and recently inked a deal with the European Space Agency, which helped push its stock to a record high this summer.

With the "Return on Investment" platform under construction in Louisiana, Rocket Lab is betting on a new era of reusable rockets — and Bollinger Shipyards is ensuring the Gulf Coast has a front-row seat in the race to space.

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Halfway through 2025, the U.S. housing market remains stuck in uncertain waters. Buyers and sellers alike are facing challenges that trace back to the pandemic years: elevated mortgage rates, home prices that remain high compared to historical norms, limited inventory, and economic headwinds that keep confidence shaky.

Affordability is still the biggest hurdle. According to Harvard's Joint Center for Housing Studies, home prices have climbed 60 percent since 2019, while the salary required to purchase a home has surged by 70 percent in the same period. Mortgage rates, hovering in the high-6 percent range, continue to put pressure on monthly budgets.

Even so, the story isn't entirely grim. For those willing to pay close attention to shifting conditions, opportunities are beginning to emerge.

Mortgage Rates: High but Predictable

Borrowers are no longer spoiled with sub-3 percent rates as they were in 2021, but the good news is that rates have leveled out. For most of this year, they've hovered between 6.7 and 6.9 percent, and forecasts suggest they may dip slightly to the mid-6 percent range by year's end.

That kind of stability, though costly, gives buyers a chance to plan. Running "what if" scenarios on a mortgage calculator — adjusting rates by half a point up or down — provides a realistic picture of payment ranges and can help households prepare financially without the fear of sudden spikes.

More Homes on the Market, Prices Cooling

Perhaps the biggest shift in 2025 is the supply of homes. After years of scarcity, inventory has risen. In June, the National Association of Realtors reported a 16 percent year-over-year increase, bringing supply to 4.7 months — still below pre-pandemic levels but the healthiest reading in years.

More listings mean buyers have more choice and less pressure to rush into bidding wars. It also slows price growth. Instead of the double-digit jumps seen in 2022, prices are rising at a fraction of that pace: just 0.2 percent in June, with the median list price landing around $441,000.

The Rising Cost of Staying Put

Even after securing a fixed-rate mortgage, homeowners are discovering that monthly payments aren't as predictable as they once were. Property taxes have risen in step with home values, climbing 12 percent from 2021 to 2023. Insurance has proven even more volatile: premiums jumped 24 percent between 2021 and 2024, largely due to the growing impact of natural disasters.

For buyers, that means budgeting shouldn't stop at principal and interest. Taxes and insurance can be significant — and rising — expenses that determine whether a home truly fits within long-term financial plans.

Sellers Adjust Expectations

On the selling side, there's a noticeable shift in attitude. With more homes competing for fewer buyers, price reductions are becoming common. Nearly one in five listings saw a cut in June, the highest share for that month in nearly a decade.

That trend signals realism taking root. Sellers are less likely to expect bidding wars or offers well above asking price. Instead, they're using discounts as a negotiation tool, which gives buyers leverage they haven't had in years.

A Market Finding Its Balance

The market is far from easy, but it is evolving toward a healthier balance. Buyers no longer need to panic-buy, and sellers are starting to recognize the importance of pricing strategically. As Hannah Jones of Realtor.com notes, those who follow these shifts closely will be best positioned: buyers can move quickly when opportunities appear, while sellers can adjust to attract serious offers.

For anyone planning a move in the second half of 2025, the key is preparation. Understand your budget, monitor local trends, and be ready to act when conditions line up. The post-pandemic housing market may be challenging, but for informed buyers and sellers, it's also becoming more navigable.

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Signs You’re Ready for a Mortgage and How to Prepare if You’re Not

Buying a home is one of the biggest financial commitments you'll ever make, so it's natural to wonder whether you're really ready to take on a mortgage. According to Freddie Mac, there are some clear signs that you may be in good shape to move forward.

One of the most important is your credit score. A score of 661 or higher generally places you in the "creditworthy" range, while a score between 600 and 660 suggests you're close but may need more work. If your score is under 600, it's a strong signal that you should wait. Your debt-to-income (DTI) ratio is another big factor. Ideally, your projected mortgage payment should be no more than 25 percent of your income, and your total debt should fall under 36 percent — with 43 percent usually being the upper limit for lenders. You'll also need a clean credit history with no recent bankruptcies or foreclosures and a track record of making payments on time.

It's worth noting that you don't have to check every box perfectly to get approved. Lenders may still consider you if your credit score or DTI isn't ideal, but that could stretch your finances and make it harder to reach other goals.

How to Strengthen Your Finances Before Applying

Mortgage lenders look at the big picture when reviewing your application. That includes your credit history, income, debt levels, employment stability, and savings. If you're not where you want to be yet, here are three steps to get closer:

1. Review and improve your credit

Pull your free credit reports from Equifax, Experian, and TransUnion at AnnualCreditReport.com and check for errors. Correcting mistakes such as inaccurately reported late payments can boost your score. Even a 20-point increase could save you thousands over the life of your loan. Most lenders require at least a 620 score, but the best rates typically go to borrowers with scores of 740 or higher.

2. Reduce your debt load

Consistently making payments on time is the fastest way to build credit health. To lower your balances, consider strategies like the debt snowball or avalanche method, or even debt consolidation if it makes sense. Lowering your debt will improve both your credit score and your DTI ratio, two areas that carry significant weight in a mortgage application. At the same time, avoid taking on new loans, which can increase your debt burden and lower your score.

3. Build up your savings

Beyond monthly payments, homeownership comes with big upfront costs. You'll need cash for the down payment, closing costs, and moving expenses, as well as reserves for furniture, repairs, and emergencies. While the median down payment in April 2025 was over $56,000, many first-time buyers put down closer to 9 percent of the purchase price. Setting aside money in a high-yield savings account and cutting unnecessary expenses are great ways to build your fund. One helpful strategy is to make "practice payments": if you're paying $1,500 in rent and expect a $2,500 mortgage, start putting the extra $1,000 into savings each month.

Not everyone is ready to buy a home right away, and that's perfectly normal. If your credit, debt, or savings aren't where they need to be, the best move might be to wait. In the meantime, focus on maintaining good financial habits: pay bills on time, avoid unnecessary debt, and save consistently. Even if homeownership isn't possible right now, the steps you take today will position you for a stronger application in the future.

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