SEATTLE – Western Washington’s spring housing market is losing momentum for the third straight year, as rising mortgage rates and global uncertainty give buyers pause, according to a local mortgage expert.
After dipping below 6%, mortgage rates recently climbed back into the mid-6% range following geopolitical tensions that drove up oil prices and renewed inflation concerns,
“It was literally over a weekend,” said Emily Bort with Movement Mortgage. “We saw rates go from under 6% to the mid-6s, and people just stalled. Everyone kind of freaked out.”
The sudden shift has led to hesitation among buyers, many of whom were encouraged earlier this year by the prospect of lower borrowing costs.
Bort said the 6% threshold carries psychological weight, even if the difference in monthly payments is relatively modest.
“Between the upper 5s and mid-6s, we’re talking a couple hundred dollars a month,” she said, adding that the perception of improving numbers had people ready to move.
The recent volatility marks another disruption in what has been an uneven housing market in recent years. In 2024, strong competition pushed homes off the market quickly. In 2025, activity picked up before stalling again. Now, global conflict is adding a new layer of uncertainty.
That uncertainty is shaping buyer behavior.
“I think people are scared. They’re afraid to make the wrong decision,” Bort said.
Those still entering the market tend to be more financially confident and motivated, she said, often securing better deals as sellers face less competition.
“We’re seeing sellers negotiate more than ever before,” Bort said. “If there’s only one or two buyers, sellers are more willing to work with you.”
In King County, pending home sales have slowed, while inventory has risen significantly, a shift that could benefit buyers who remain active. Nearby Snohomish County has seen an even steeper drop in pending sales, Bort said.
Despite the slowdown in demand, many sellers are continuing with plans to list their homes this spring, contributing to the growing inventory.
On the Eastside, including Bellevue, price drops have been more noticeable, driven in part by stock market volatility and tech-sector layoffs – both key factors in the region’s housing demand.
“That does affect those that are wanting to move forward,” Bort said. “Some don’t even know if they’re staying put.”
First-time buyers face additional challenges, including historically high entry-level home prices and uncertainty about the true cost of homeownership.
“There are a lot of options, but not knowing where to start is a big hurdle,” Bort said. “And sometimes the advice they’re getting [from relatives] isn’t relevant to today’s market.”
Still, Bort said opportunities exist for both buyers and sellers willing to be flexible.
“We’re putting together some really amazing deals that work for the se4ller and also for buyers,” she said. “It’s just, again, having a good professional that’s working with you, representing you on the real estate side.”
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