This month's update has a clear new headline, and it is the kind of number buyers and sellers should build their plans around: mortgage rates ticked up again. Freddie Mac's Primary Mortgage Market Survey released September 10 put the average 30-year fixed mortgage rate at 6.76%, up from 6.71% the week before and 6.66% the week before that. One note up front: no finalized September MLS dataset is published yet, so the community figures below come from the most recent available city-level and source reports, and those sources vary by methodology. My job is to tell you what the numbers mean for your situation, not just recite them.
Rates at 6.76%, with a Fed decision on the horizon
The climb has been steady rather than dramatic: about 6.49% in early July, 6.66% in late August, 6.71% at the start of September and 6.76% in the September 10 survey. A year ago the same survey read about 6.35%, so rates are running roughly four-tenths of a point above where they sat twelve months back. The Federal Reserve has held its target range at 3.50% to 3.75% since January, and its next rate decision lands on Wednesday, September 16. Markets were pricing in the possibility of a move higher on strong jobs data as this post was written, yet no one knows how the vote will land, and I will not pretend to. What I can tell you is what the current level means: buyers are payment sensitive, and sellers are competing for the same cautious buyer pool.
Lake County: still tight, still the state-line story
Redfin's August update for Lake County, Indiana, is the freshest full picture we have. The median home price was $296,009, up about 3.9% from a year ago, roughly $97,000 below the national median. Supply stays genuinely tight at about two to two and a half months against nearly four months nationally, and homes sold about 12 days faster than a year earlier with a typical 26 to 30 days on market. Yet the pause is still visible: pending sales were down about 29% year over year and new listings fell about 25%, even as prices held firm. Tight supply keeps it seller-favored at the edges, yet the drop in pending sales tells you many buyers are stepping back to let rates settle. That is a pause in a tight market, not a turn. In this environment the best homes still move, and they move to the buyers who are pre-approved and ready.
The Indiana communities
Crown Point
Crown Point's freshest read shows a median closed sale price near $329,800, up about 11.2% from a year ago, with about 32 days on market. The ZIP-level detail widens the picture: a median sold price near $346,000 with well over a thousand active listings, so buyers have real choices even as the median keeps climbing. This is a market where pricing and condition decide the pace.
Munster and Schererville
Munster's July data puts the median sold price near $356,000, up about 3.5% year over year, with the typical list price running higher near $402,000. Schererville remains the fastest mover, with a median near $350,000 over the trailing three months, up about 3%, and homes selling in around 20 days. Both towns continue to reward sellers who price honestly and buyers who are ready to act.
What this means for sellers
Rates at 6.76% mean buyers will notice your price. In the South Suburbs, where inventory keeps growing, your opening price is your best tool: overpricing today carries more risk than it did in the spring. In Lake County towns like Schererville and Highland you still hold an edge, yet even there, condition and presentation decide whether the right buyer shows up early or walks. If you are thinking about selling, let us start with your neighborhood and your home, not the county averages.
What this means for buyers
This fall is genuinely more buyer-friendly than the past two years in many of the communities I serve, with more inventory and more realistic pricing. The catch remains the rate, and the math has a way of surprising people: waiting for a lower rate often means paying a higher price later, and rent never builds equity. Get pre-approved, know your reliable payment and be ready to act when the right home appears, because in Lake County especially, the good ones still do not linger.
One more thing
I am licensed in both Illinois and Indiana, so I can help you compare the South Suburbs and Northwest Indiana in a single conversation, property taxes included. If you are weighing a move, sizing up your equity or getting ready to list, I would love to run the numbers with you. Call me at (708) 252-1490 or schedule a call any time. You Can With Joanne!™