Mortgage Rates Drop to 6.55%: What It Means for Miami and Florida Keys Homebuyers

Mortgage rates continue to dominate real estate headlines — and for good reason. After a weaker-than-expected jobs report, the bond market reacted, causing mortgage rates to drop to 6.55%, the lowest level so far this year. While that might seem small, buyers across Miami and the Florida Keys have been waiting for any sign of relief.

According to leading housing forecasts, rates aren’t expected to fall dramatically anytime soon. Most experts predict they’ll hover in the mid-to-low 6% range through 2026, meaning small ups and downs are still likely as new economic data comes out.

So what’s the “magic number” that would get more buyers moving again? The National Association of Realtors (NAR) says if rates reach 6%, roughly 5.5 million more households could afford a median-priced home — and 550,000 buyers could re-enter the market within a year. That’s a lot of pent-up demand ready to surge once rates dip further.

Here’s the tradeoff: when rates drop, competition rises. More buyers, fewer listings, and rising prices can make it harder to find the right home or negotiate favorable terms. Right now, conditions are different. Inventory is up, price growth has cooled, and sellers are more open to negotiation.