Some slowdown into the holidays is normal in most markets, but the honest headline is that it's very local. Activity typically cools in late fall and winter and picks back up in spring. Within that pattern the range is wide. Some markets shift meaningfully toward buyers during the slow season (more inventory, longer days on market, more price cuts) without becoming a full buyer's market, while others stay competitive the whole way through. Rates cut across the seasonal pattern too. When rates ease meaningfully, listings that had been sitting can suddenly draw multiple offers, even in an otherwise quiet stretch. You can follow the daily moves on the Mortgage News Daily rate table, right here on our site. So rather than asking whether the market as a whole has slowed, watch your specific market: active inventory versus its pre-pandemic norm, days on market, and pending contracts. Those tell you whether your area is genuinely softening for the season or holding firm, which matters far more to your decision than any national read.