Pending sales and closed sales are each up slightly year over year, according to a recent report from the Portland Metropolitan Association of Realtors.

Why it matters: That's a sign buyers are feeling more optimistic about the housing market — a far cry from where we've been.

• Since 2022, less than 30% of Americans have considered it a good time to buy, per Gallup.

The big picture: Mortgage rates are now hovering around 6.5%, which is low enough to bring some people off the sidelines.

Flashback: Roughly 14% of Portland-area home sales fell through in the first half of 2024, according to data Redfin shared with Axios.

• Deals fall apart for a number of reasons, but in many instances, it's because the buyer failed to secure a mortgage, per the National Association of Exclusive Buyer Agents.

Reality check: Mortgage rates are just one piece of the home-buying puzzle.

• The median-priced home in Portland is up 38% from five years ago, Redfin July data show.

What's next: There's still quite a bit of room for mortgage rates to fall, Axios' Felix Salmon reports.

• Even if Treasury yields don't fall from their current level, the 30-year mortgage rate could reach 5.57%, he says.

Bottom line: Lower mortgage rates won't solve all our housing problems, but they'll help loosen those golden handcuffs and bring some new buyers into the market.

Read more: Next up for realtors ... The death of hallways

A single percentage point might not seem like much, but it can save Portland-area buyers thousands a year on their mortgage payments.

The other side: When you put it in a chart like this, it's easy to see why homeowners with those 3% rates won't be moving anytime soon.

If you currently own your home, are you thinking of selling? Are you holding on to your sweet mortgage rate for dear life?

Potential buyers, how long have you wanted to buy? What's been the biggest challenge for you? Do you think you'll be able to soon?

• Hit reply and let us know.