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How Mortgage Rates Affect Your Homebuying Power — What Staten Island Buyers Should Know

But what do these numbers really mean for you as a buyer? And how much do they actually affect your ability to buy a home in neighborhoods like Tottenville, Great Kills, or Huguenot?

Let’s break it all down in a way that’s easy to understand.

What Is a Mortgage Rate?

A mortgage rate is the interest you pay your lender in exchange for borrowing money to buy a home. Most buyers choose a 30-year fixed mortgage, which means you’ll make the same monthly payment (including interest) over 30 years.

As of early May 2025, the average 30-year fixed mortgage rate is around 6.85%, according to Bankrate and Freddie Mac. That’s slightly down from last week—but still much higher than the 3% rates many buyers saw a few years ago.

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2025 Housing Market Forecast: A Brighter Outlook Ahead

After navigating through challenging market conditions in recent years, Staten Island homeowners and buyers can look forward to more promising developments in 2025. Whether you are looking at Luxury condos in Grasmere or Colonial Style homes in Tottenville, we are going to let you know the future real estate of 2025. At Robert DeFalco Realty, we’re excited to share the latest market forecasts from the National Association of REALTORS® (NAR), which point to positive changes ahead.

A Return to Growth

The National Association of REALTORS’® Chief Economist Lawrence Yun has released an encouraging forecast for 2025 and beyond. According to his projections, we can expect to see existing home sales rise by 9% in 2025, with new home sales jumping even higher at 11%. This uptick in activity suggests a significant improvement from the slower markets of 2023 and 2024.

What’s Driving the Recovery?

Several key factors are contributing to this positive outlook:

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