The U.S. Housing Market Hotness Index fell to 92.54 for the week ending September 13, 2026, from 93.56 the previous week. The index is now firmly in the cool zone as the housing market transitions from summer into the typically slower fall season. Elevated borrowing costs are adding pressure on both demand and supply. According to Freddie Mac, the 30-year fixed mortgage rate rose to 6.95% on September 17. The Federal Reserve raised its policy rate by 25 basis points on September 16 and is widely expected to raise rates once more this year. Meanwhile, the 10-year Treasury yield is hovering near 5%, reflecting persistent inflation and concerns about federal debt. Higher financing costs are further stretching affordability and causing some prospective buyers to postpone purchases, while economic uncertainty and weakening consumer confidence add another constraint on demand.
The national reading masks a much more uneven housing landscape. San Francisco County, California; Jefferson County, Missouri; Montgomery County, Pennsylvania; Cuyahoga County, Ohio; and Nassau County, New York, continue to exhibit relatively stronger demand. At the other end of the spectrum, Miami-Dade and Palm Beach Counties, Florida; Bexar and Travis Counties, Texas; and Davidson County, Tennessee remain comparatively weak.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
