If you’ve been waiting for mortgage rates to drop back to the magical 3% range before buying a home in the Lee’s Summit area, let’s pause and have a real conversation.

The truth? That 3% window wasn’t the norm; it was a blip. A rare combo of emergency policies and a global pandemic created those ultra-low rates back in 2020 and 2021. They gave buyers a serious leg up in affordability and buying power, but those days are in the rearview mirror. Today’s market? It's a totally different story.

What Are Mortgage Rates Doing in 2025?

Currently, we’re seeing mortgage rates hover between the high 6% and low 7% range. That might sound high if you’ve been comparing it to the 2020 numbers, but in reality, it’s actually in line with pre-pandemic norms. Historically speaking, this isn’t “high”, it’s “typical.”

And while experts do expect a little relief this year, it’s important to stay grounded. Most projections indicate that rates will dip into the mid-6% range by the end of 2025. Kara Ng, a Senior Economist with Zillow, put it best: “That path might be bumpy.”

Translation: We might experience a slight drop, but we’re not reverting to a 3% rate. Not now, and probably not anytime soon.

What Should You Do With This Info?

Here’s the kicker: waiting around for rates to fall could cost you in other ways.

In Lee’s Summit, we’re seeing more inventory than we’ve had in recent years. Properties that are priced right and show sell FAST, but overall, buyers finally have more choices, less bidding war chaos, and a bit of breathing room to negotiate.

But if you hit pause and wait too long, and rates do dip even a little? Suddenly, everyone else jumps back in, and that window of opportunity slams shut. Hello, higher home prices and tougher competition.

Realtor.com nailed it:

“Staying out of the market in hopes of a rate drop that never comes can lead to missed opportunities... Rising home prices, rent increases, and inflation might outpace any future savings on interest.”

Here’s What You Can Control

You can’t control the economy, but you can control your game plan.

• Dial in your budget: Know what’s realistic with today’s rates, not yesterday’s.
• Work on your credit: Even a small bump in your score can mean better loan terms.
• Team up with pros: I work with trusted local lenders here in Lee’s Summit who can get you pre-approved, or better yet, mortgage committed — so you can write stronger offers and compete with confidence.
• Explore creative options: Local down payment assistance programs, rate buydowns, or seller concessions are more available than most buyers realize — especially in this slower summer market.

The Local Advantage

This isn’t a one-size-fits-all situation. Lee’s Summit’s market has its rhythms. In May 2025, the average home price in this area was approximately $425,000, a slight increase from the previous year. However, inventory has increased, and sellers are more open to negotiation than they were at the height of the pandemic frenzy.

If you’ve got solid financing and stable income, and you're looking to put down roots, now could be your chance to get in before the crowd catches on.

Bottom Line:

Those 3% mortgage rates? A unicorn. They were great while they lasted, but they’re not coming back anytime soon, and waiting around could cost you more than it saves.

Instead of chasing the past, let’s build a smart plan for today’s market. I’ll help you understand your options, connect with local lenders who can work creative financing magic, and guide you through every step.

Ready to stop waiting and start planning? Let’s chat. Call or text me at 816-328-2887, and let’s build your path to homeownership in Lee’s Summit.