After weeks of steady climbs, the rate picture finally held still this week, and Indiana's September report arrived to confirm what buyers and sellers have been feeling: a slower, yet steadier, market. Freddie Mac's October 15 survey kept the average 30-year fixed mortgage rate at 7.40%, unchanged from a week earlier, after the survey climbed from 7.03% on September 24 to 7.28% on October 1 and then to 7.40% on October 8. A year ago the same survey read 6.27%, so rates are running more than a full point above where they sat twelve months back. One note up front: market reports use different windows and methods, so the community figures below reflect the most recent available published reads.
Rates hold steady for a second week
The October 15 survey is the first real pause in the climb since rates passed 7%: the average 30-year fixed rate held at 7.40%, unchanged from the week before. Daily rate trackers ran in the 7.4% to 7.5% range through the week, briefly touching about 7.56% the morning the September CPI report landed before settling back near 7.45%. The pause does not mean relief is here, yet it does remove one variable: buyers pricing a home this week are working with essentially the same payment math as last week, which makes planning a little easier.
Indiana's September report is in
The Indiana Association of REALTORS released its September statewide data, and it tells a coherent story: 7,203 closed sales, down 4% from a year earlier, with a median sale price of $278,000, up 3%. New pending sales ran at 7,318, down 10%, while inventory has now grown for 31 straight weeks. The average sale price landed at 95.2% of original list, which tells you buyers are paying close to asking in Indiana yet holding firm on price. The association tied the slower month to mortgage rates crossing 7% for the first time since January 2025, which is exactly the payment pressure we see in our showings. Closer to home, RealMLS's September report for Greater Northwest Indiana, published earlier this month, showed 2,155 closed sales, down about 10.6% from a year earlier, with a median sales price of $360,000 and a median 39 days on market.
Illinois is about to report
Illinois REALTORS will publish its September report on Thursday, October 22, so the full Illinois picture lands next week. The most recent published month, August, showed 12,103 homes sold, down 4.6% from a year earlier, with 22,531 homes for sale. I will break down the September numbers here as soon as they are out.
Fresh town-by-town reads
On the Indiana side, the most recent analysis of Redfin data through mid-2026 puts Crown Point's median sale price near $336,000, up about 9.6% year over year, with roughly 25 days on market and about 2.7 months of supply. Munster's median runs near $363,000, down about 5.8% year over year, with about 25 days on market. Schererville remains the tightest market in the region: a median near $350,000, up less than 1%, with about 20 days on market and only about 1.8 months of supply. Lake County overall shows a median near $284,000, up about 5.2%, with homes selling in roughly 18 to 20 days.
On the Illinois side, Frankfort's most recent city read holds near $550,000, down about 0.9% from a year ago, while the 60423 ZIP three-month median runs near $545,000, up about 5.8%, with about 50 to 57 days on market. Orland Park keeps its three-month median near $385,000, up about 5.8%, with about 44 days on market and roughly four offers per home. Tinley Park's median sits near $309,000, down about 1.9%, with about 45 days on market. For scale, the Chicago market overall shows a three-month median near $426,000, up about 9.3%.
What this means for buyers
A steady rate week is a good week to run your real numbers, because the waiting math has not improved. Indiana's 31 straight weeks of inventory growth mean more choices and more room to negotiate in most towns, yet the tight pockets, like Schererville's 1.8 months of supply, still reward buyers who are pre-approved and ready to write a strong offer. Indiana's 95.2% list-price average tells you homes are selling close to asking, so plan your offer strategy before you fall in love. Get pre-approved, know your reliable payment and put yourself in position to act when the right home appears.
What this means for sellers
With rates stable yet high, buyers feel the monthly payment before they feel the house, so your opening price and your condition are your most powerful tools. Indiana sellers are netting about 95 cents on the dollar, which rewards honest pricing from day one. Overpriced homes sit through their best weeks, while well-priced, well-presented homes in the tightest pockets still draw attention. The first two weeks on market are the ones that matter most.
One more thing
I am licensed in both Illinois and Indiana, so I can compare the South Suburbs and Northwest Indiana in a single conversation, property taxes included. If you want to know what today's rate means for your payment, what your home is worth, or whether this is your moment, I would love to run the numbers with you. You can also keep up with the latest numbers on my market report. Call me at (708) 252-1490 or schedule a call any time. You Can With Joanne!™