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It’s no secret that buying a house is expensive these days, especially for first-time buyers who don’t own any real estate to trade up with. Between high mortgage rates and steep property prices, prospective homeowners often can’t afford the monthly payments for the houses they want.

At the same time, it’s not the seller’s market it was during the pandemic buying boom of 2020 and 2021: There are more and more houses for sale, median list prices have started to level off (and even fall in some areas) and U.S. homes are now sitting on the market for longer than they were before COVID, according to Realtor.com data.

With neither buyers nor sellers feeling great about the prospects, the market has been pretty comatose all around. This spring was the slowest April and May since 2009, and monthly sales continue to run at about two-thirds of what they were four years ago, according to data from the National Association of Realtors^® (NAR).

But since the biggest remaining sticking point seems to be the high borrowing costs, there could be a shift this fall, according to economists. The average 30-year mortgage rate was 6.34% last week — still much higher than the sub-3% record it hit in 2020, but lower than it was for most of the spring and summer. Depending on where rates go from here, that could help unlock a “second spring market,” according to NAR.

“Mortgage rates are declining, and more inventory is coming to the market, which should boost sales in the coming months,” NAR Chief Economist Lawrence Yun told NAR’s Realtor magazine.

To be sure, it’s hard to say where mortgage rates will go, given uncertainty about the trajectory of the economy. Mortgage rates really started falling in August, when it became clear the Federal Reserve was more focused on cutting its benchmark interest rate, but they don’t always move in the same direction as the Fed’s benchmark.

In fact, although Fannie Mae is projecting 30-year mortgage rates will continue to edge down — averaging under 6% by the end of 2026 — they’ve ticked up a bit over the past two weeks.

So what? If you’ve been sidelined by high mortgage rates, things may be looking up. Rates aren’t as low as they were in 2020 or 2021, but they’re close to their lowest point of 2025.

Plus, the fall could be “a sweet spot” because it’s not traditionally as competitive a time of year, according to Zillow Senior Economist Kara Ng. Prices dropped on nearly 20% of U.S. listings in September, with sellers of homes listed between $350,000 and $500,000 the most likely to cut, according to Realtor.com data.

“House hunters are still on the fence, hoping mortgage rates come down more before they buy,” Crystal Zschirnt, a Redfin Premier agent in Dallas, said in a Redfin statement last week. “But the buyers who are jumping in now are the ones who are getting a good deal.”

Related Reading

What the Government Shutdown Means for Mortgage Rates as Financial Markets React (Realtor.com)

Will Mortgage Interest Rates Drop Further This Fall? Lending Experts Weigh In (CBS News)

A Top Economist Has a Simple Fix for America’s Housing Crisis (AOL)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

You’re out to dinner with friends. The tacos and margaritas were great, the conversation even better, and now it’s time to settle the bill. You open Venmo or Cash App, tap a few buttons, and just like that, the money moves from your account to your friend’s.

What makes this possible is open banking: the technology framework behind much of the data sharing you’ve become accustomed to in today’s financial world.

It’s what allows you to safely connect your data with other platforms you trust, including a payment app or investment platform. It’s why you’re able to see all of your bank accounts on one digital dashboard like the one in SoFi’s money tracking tool. And it’s how lenders might check to see if you’re a responsible borrower even when you have a thin credit record.

In fact, open banking has grown to power much of our financial ecosystem: As of the spring, it connected over 114 million customers to third-party platforms in the U.S. and Canada — 50% more than a year earlier, according to Financial Data Exchange, which measures software that meets a certain standard.

But as the technology proliferates, financial service providers are clashing over how much to regulate it. And the debate is raising questions about the availability and cost of services in the future. Here’s what you need to know.

New rules on the table

Developed in response to consumers’ growing demand for speed and convenience, open banking took hold without any specific federal oversight.

But as its use has expanded, efforts to regulate the technology have grown, pitting many of the nation’s largest financial institutions against many of the fintechs and third-party platforms that use it.

Last October, the Consumer Financial Protection Bureau released the first government rules around open banking, requiring that financial providers share customer data — at no cost — whenever a customer asks. In other words, it established that you — and any app you choose — could access important data (your balance, recent transactions, product terms, and payment info) without being charged.

But trade groups representing many of the biggest financial institutions sued to block the rules, citing regulatory overreach and an increased risk that this sensitive data could be misused. And then the CFPB itself reversed course under the new presidential administration, asking a court to pause the litigation while it explores creating new rules.

What’s at stake

The regulatory limbo leaves the future of open banking unclear. With the rules unresolved, JPMorgan Chase, the largest U.S. bank, said it would start charging fintechs for access to its customer data, a move that could wind up hitting your wallet.

If banks charge the companies that work behind the scenes, those costs may be passed along to the consumers who rely on their apps and services. That convenient bill splitting could get more expensive. And new products that leverage the technology may never get built.

Critics of the CFPB rules in question argue that the business model is working without regulation, and that giving third parties too much access makes it easier for sensitive information (like your account balance and spending habits) to fall into the wrong hands.

But supporters say those rules will actually make the system safer and more transparent — and prohibit fees that could severely limit consumer access. (Full disclosure: SoFi and other fintechs are among those urging the Trump administration to oppose excessive fees for consumers to access their data.)

Whose data is it, anyway?

Every time you use a debit card, pay a bill online, or deposit a check, you generate data about your financial life — but that information usually stays locked up at your bank. Open banking gets at a simple but consequential question: Do those records belong to the bank that holds them, or to you, the person who created them? At the moment, federal law governs how financial data must be shared and protected, not who owns it.

But this much is clear: For consumers, keeping financial data safe and private remains critical.

“Banking data is some of the most sensitive data you can think of,” said Dan Murphy, who managed the CPFB’s open banking program and helped craft the rules before leaving the bureau earlier this year. Open banking is meant to give consumers — not just banks — the ability to use their own data for payments, financial management tools, or credit applications, he said.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025100801