Boise Housing Market Reacts To Lowest Mortgage Rates Since 2022

Mortgage rates just hit their lowest level in over three years, and the Boise housing market is reacting in ways I haven’t seen since the COVID era. If you’re thinking about buying or selling in the Treasure Valley, this shift matters.

I’m not pulling this from a headline. I’m seeing it with my own buyers every week. Homes are going pending faster in certain areas, competition is returning, and incentives are evolving. In this article, I’m breaking down:

• What’s happening with mortgage rates
• January numbers for Ada and Canyon County
• Resale vs. new construction differences
• Why some homes are flying off the market
• How assumable mortgages may offer 2–3% rates

Table of Contents

• Mortgage Rates Drop to Three-Year Lows
• Buyer Behavior Is Shifting Fast
• Ada County Market Breakdown
• Canyon County Market Breakdown
• Resale vs. New Construction
• How Assumable Loans Can Offer 2–3% Rates
• What Buyers and Sellers Should Do Now
• Run the Numbers Yourself
• Frequently Asked Questions
• Key Takeaways

Mortgage Rates Drop to Three-Year Lows

Rates are currently hovering around 6%, the lowest we’ve seen since September 2022. One year ago, rates were closer to 6.85%.

That nearly full-point drop makes a real difference.

On a $500,000 home, a one-point rate change can mean roughly $300 per month in payment difference. That’s meaningful for buyers who were sitting on the sidelines waiting for relief.

And that’s exactly what we’re seeing: buyers are starting to come back.

Buyer Behavior Is Shifting Fast

Here’s what I recently experienced:

• A buyer put together a list of 16 homes.
• Before they even flew to Idaho, 8 went pending.
• We toured one home the morning it hit the market.
• It went pending that same afternoon.

That’s behavior we haven’t seen consistently in years.

To be clear, this isn’t happening everywhere. Overpriced homes are still sitting for 90+ days. But in certain pockets of Meridian and Boise , correctly priced homes are moving fast.

If you’re a buyer, hesitation is starting to cost people homes again.

Ada County Market Breakdown

January numbers for Ada County show important signals.

• Combined median home price: $535,000
• Up from $525,000 in December
• Essentially flat year over year
• Closed sales: 531 (typical for January)
• Pending sales: 1,108

The 1,108 pending transactions are the key number. That’s a strong forward-looking indicator that February and March are going to be active.

Canyon County Market Breakdown

Over in Canyon County — including Nampa , Caldwell , and Middleton — affordability remains a major draw.

• Combined median: $420,000
• Resale median: $395,000
• Resale supply: 1.7 months
• New construction median: $453,000

Canyon County continues to be the most affordable option in the Treasure Valley. For buyers who want more house for the money and flexibility on location, it deserves serious consideration.

Resale vs. New Construction

When you break the numbers down further, you see two very different markets.

Resale Homes

• Median: $512,000
• 1.3 months supply
• 46 days on market

Well-priced resale homes in desirable areas are moving quickly.

New Construction

• Median: $560,000
• 3.7 months supply
• 69 days on market

Builders currently have more inventory and are competing hard. Incentives include:

• Rate buy-downs
• Closing cost credits
• Design center upgrades

These incentives can make a meaningful difference in your overall cost.

How Assumable Loans Can Offer 2–3% Rates

This is where things get interesting.

Many homeowners who bought in 2022 or 2023 locked in rates between 2% and 3% on FHA and VA loans. These loans are assumable, meaning a qualified buyer can take over the seller’s existing mortgage and keep that low rate.

On a $400,000 loan, the difference between 6% and 2.5% can exceed $800 per month.

That’s significant over the life of a loan.

For buyers using FHA or VA financing, assumable opportunities are worth serious exploration.

What Buyers and Sellers Should Do Now

For Buyers

• Get pre-approved immediately
• Be ready to act quickly in hot neighborhoods
• Explore new construction incentives
• Consider assumable mortgages

For Sellers

• Price correctly from day one
• Overpriced homes are sitting
• Builders are offering incentives you may compete against
• Presentation and timing matter

January and February are historically slower months, but activity is already picking up earlier than last year.

Run the Numbers Yourself

If you’re evaluating affordability, don’t guess. Plug real numbers into the calculator and compare scenarios.

Use the Boise mortgage calculator here and test:

• 6% vs. 6.85%
• Builder rate buy-downs
• Down payment changes
• Purchase price adjustments

Small changes can dramatically impact your monthly payment.

Frequently Asked Questions

Is the Boise market heating up again?

In certain price ranges and neighborhoods, yes. Properly priced homes are moving faster.

Are rates expected to keep dropping?

No one can predict perfectly, but the trend has moved downward recently.

Are assumable loans common?

They’re not the majority of the market, but they do exist, especially with FHA and VA loans.

Is new construction a better deal right now?

Builders are offering strong incentives, which may provide advantages depending on your situation.

Key Takeaways

• Mortgage rates are at three-year lows
• Buyer activity is picking up
• Resale homes in prime areas are moving fast
• New construction incentives are strong
• Assumable loans may offer 2–3% rates

If you’re buying, selling, or trying to decide your next move in Boise or anywhere in the Treasure Valley, this is the time to prepare strategically.

Email: info@curtischism.com
Call or Text: 208-510-0427