If you’re buying or refinancing in Everett, Lynnwood, or Mukilteo, these trends matter because they help shape mortgage rates, affordability, and housing competition. Here are the biggest takeaways.
Delayed inflation data showed prices rose just 0.2% from September to November and 2.7% year-over-year, down from 3.0% in the prior report.
Even more encouraging: core inflation (which excludes food and energy) also increased 0.2% over the same period and eased from 3.0% down to 2.6% annually, the lowest core inflation reading since early 2021.
That’s a meaningful change—because inflation trends are one of the biggest drivers behind interest rate decisions.
Shelter costs remain one of the largest pieces of inflation data:
roughly 35% of overall CPI
and about 44% of core CPI
So when housing costs cool even slightly, it can have a big impact on inflation overall. This time around, softer shelter readings helped inflation come in below expectations.
Bottom line: Even though the report wasn’t as detailed as usual (thanks to delayed government reporting), the numbers were still a positive sign that inflation pressure continues to ease.
For buyers in Everett, Lynnwood, and Mukilteo, easing inflation often supports the case for lower mortgage rate trends over time.
The delayed jobs reports showed a mixed picture:
October payrolls fell by 105,000
November rebounded with 64,000 jobs added, stronger than expected
Revisions lowered August and September totals by a combined 33,000 jobs
The unemployment rate rose to 4.6%, the highest level since 2021, up from 4.1% this summer.
Broader unemployment data also worsened:
The U-6 unemployment rate (which includes underemployed workers and discouraged job seekers) rose from 8.0% to 8.7%, the highest since 2017 (excluding COVID distortions)
One of the biggest signals of softness:
983,000 full-time jobs lost
1,025,000 part-time jobs gained
That shift shows more people are relying on part-time work.
Meanwhile, jobless claims data reinforced the trend:
Initial claims: 224,000
Continuing claims: 1.897 million
This suggests it’s taking longer for people to land new jobs once they’re unemployed.
Bottom line: The Fed is still balancing inflation risks against a labor market that’s losing momentum. Softer job growth usually increases pressure to cut rates further, which can indirectly help mortgage affordability.
The Federal Reserve has already made three quarter-point cuts this fall to the Fed Funds Rate.
Important reminder: the Fed Funds Rate is the short-term rate banks charge each other for overnight lending. It does not directly set mortgage rates, but it influences borrowing costs across the economy.
Fed Chair Jerome Powell has said there’s “no risk-free path,” meaning decisions will depend heavily on upcoming inflation and jobs data.
For homeowners and homebuyers in Everett, Lynnwood, and Mukilteo, this means mortgage rate direction will depend on whether inflation continues cooling and whether the labor market continues weakening.
Existing home sales increased 0.5% in November, marking the third straight monthly gain, according to the National Association of REALTORS® (NAR).
However, sales still remain 1% lower than last year.
Inventory dropped nearly 6% from October, falling to 1.43 million homes, though it was still 7.5% higher than a year ago.
NAR Chief Economist Lawrence Yun noted that falling mortgage rates helped support buyer activity earlier this fall, while seasonal factors are now reducing the number of new listings coming onto the market.
Bottom line: Buyers in Everett, Lynnwood, and Mukilteo should expect inventory to tighten as winter progresses, which could keep competition steady even if rates improve.
Builder sentiment improved slightly in December. The NAHB builder confidence index rose one point to 39, its highest since April.
Even though it’s still below 50 (the line that signals expansion), the increase exceeded expectations.
Key details:
Buyer traffic held steady at 26
Current and future sales expectations both rose by one point
Future sales expectations have stayed above 50 for three straight months
Bottom line: Builders are slightly more optimistic, but high costs, cautious buyers, and economic uncertainty are still keeping builder confidence subdued.
That matters for buyers in Everett, Lynnwood, and Mukilteo because even if demand increases, building more homes takes time—and that can keep inventory limited.
Here’s the practical takeaway:
Inflation cooling supports the possibility of improved mortgage rates ahead
Labor market weakening increases the odds the Fed continues easing policy
Home sales rising show buyers are still active
Inventory tightening means fewer choices heading into winter
Builder confidence improving is helpful, but new supply will still take time
If you’re planning to buy or refinance in Everett, Lynnwood, or Mukilteo, now is a great time to get pre-approved and prepare—because the market may become more competitive again if rates continue easing.
At Home Right Lending, we’re a mortgage brokerage—not a bank—and we work with multiple lenders to help you find the right loan for your unique situation. Whether you’re buying your first home, refinancing, or navigating complex income (self-employed, business owners, non-traditional pay structures), we help make the process simple and transparent.
If you want to explore options in Everett, Lynnwood, or Mukilteo, call us today and let’s build a plan that fits your goals—before winter inventory gets even tighter.