A rate cut that made rates rise?

Oct. 31 (HALLOWEEN), 2025 Edition | Read Online

It’s Halloween in the 412 — the one day a year when chaos is encouraged, candy counts as a food group, and every porch light tells a story. But while the ghouls are busy haunting, the housing market’s doing the opposite: staying calm, steady, and strangely collected.

If you’re new here — I’m Tim Pettigrew, Pittsburgh’s go-to Realtor. I’ve sold millions in real estate and helped folks buy and sell some amazing homes. Now, I’m giving you the pulse of the 412 (814 & 724) every week.

So grab a pumpkin cold brew and your favorite hoodie — we’re diving into a calm market, a jaw-dropping Squirrel Hill estate, and a weekend lineup that’s anything but dead.

🎃 Market Snapshot

Mortgage rates got a tiny treat this week — a few basis points shaved off across the board.

Current Rates (as of Oct 31, 2025):

• 🏠 30-yr Fixed: 6.28% (▼ 0.05%)

• 💵 15-yr Fixed: 5.81% (▼ 0.04%)

• 🏡 30-yr FHA: 6.01% (▼ 0.04%)

• 💼 30-yr Jumbo: 6.30% (=)

• 🔁 7/6 SOFR ARM: 5.89% (▼ 0.06%)

• 🎖 30-yr VA: 6.03% (▼ 0.04%)

Allegheny County Snapshot (Oct 24 – 31):
🏠 New Listings: 685 (↓ from 786)
💸 Price Reductions: 774 (roughly steady)
✅ Closed Sales: 733 (↑ from 560)
⏱ Days on Market: 50 avg | 33 median
💰 Median Sale Price: $241K | 98.25% SP/LP Ratio

🧠 What’s Going On With Rates

On Wednesday (Oct 29), the Federal Reserve cut its benchmark interest rate by 0.25%, bringing it to 3.75%–4%. The move was meant to steady a softening job market — but mortgage rates didn’t exactly follow the script.

Here’s why: mortgage rates aren’t directly tied to the Fed’s funds rate — they follow the bond market, specifically the 10-year Treasury yield. When the Fed cuts rates, investors often expect higher inflation or more debt issuance, which pushes Treasury yields up — and mortgage rates tend to rise in response. So even “good news” can spook markets short-term (appropriate for Halloween 🎃).

That said, this week brought a tiny rebound: lenders regained some ground after last week’s spike, and today’s rates are still hovering near the lowest they’ve been since summer.

🧩 The Takeaway

No tricks — just a little treat for buyers. Rates are still historically low compared to where they sat a year ago, and steady inventory means sellers can still command solid prices if they price smart.

🏠 Yinz. Gotta See This

You don’t just walk up to 123 Woodland Road — you arrive.
Set back on a private road in Squirrel Hill’s exclusive Chatham Hill, this 1907-built Victorian estate feels like something out of a Pittsburgh fairy tale — grand, elegant, and unapologetically timeless.

Step inside and it’s instantly clear: this home wasn’t designed to impress trends — it was built to outlast them. With 8 bedrooms, 6 baths, and 10 fireplaces, the craftsmanship is unmatched. Millwork, coffered ceilings, and polished hardwood floors weave through nearly 10,000 square feet of history and design.

The centerpiece? A show-stopping staircase that feels more cinematic than residential — the kind of space you could film a classic in. A chef’s kitchen anchors the main floor, opening to bright sunrooms and sitting spaces drenched in natural light. Upstairs, a serene primary suite and a three-car carriage house apartment add flexibility for family or guests.

Outside, two sweeping patios frame over half an acre of landscaped privacy — a rare find in the city and the definition of refined Pittsburgh living.

🧱 Quick Hits

• 📍 Address: 123 Woodland Rd, Squirrel Hill

• 💰 Price: $3,500,000

• 🏡 Style: Victorian (Built 1907)

• 📏 Size: ~9,660 sq. ft. | 0.55 acres

• 🛏 Beds / 🛁 Baths: 8 / 6 (4 full, 2 half)

• 🔥 Fireplaces: 10 (each one unique)

• 🚗 Parking: 3-car detached garage + carriage house apartment

• ✨ Highlights: Chef’s kitchen, dual sunrooms, original millwork, two patios, landscaped privacy

🍺 Pittsburgh Life

Some interesting stories that caught my attention.

Quick Hits:

• Costco of Cranberry is the THE first Costco in Pittsburgh to get it’s Alcohol Licenses.

• Brusters of Shadyside, NOW OPEN

• 🏈 Pitt takes on Standford (away), Saturday at 3:30 PM. Can they continue their streak?

• 🍕 Lebo to be home of first F&F Pizzeria outside NYC

🎡 The Weekend in Pittsburgh

Halloween weekend in the ‘Burgh means costumes, chaos, and everything in between — from highbrow ballet to low-key bar crawls.

🧛 Pittsburgh Ballet Theatre’s Dracula takes over the Benedum Center through November 2, turning the Cultural District into a gothic fever dream. It’s moody, cinematic, and proof that ballet can still have bite.

Over in Lawrenceville, 11th Hour Brewing’s “Frightful Four Nights” keeps the party going with themed drinks, food trucks, and costumes that might outdo your neighbor’s decorations. If spooky season is your personality, this one’s for you.

South Side is going full send with the annual “Trick or Drink” Bar Crawl, where Carson Street becomes one long runway of ghosts, ghouls, and people who definitely pre-gamed too early. Bonus points if your costume survives until midnight.

Families can head downtown for a Día de los Muertos celebration and screening of Coco, blending color, culture, and a little Pixar-powered heart to close out the weekend.

And if you’d rather keep it classic, Kennywood’s Phantom Fall Fest runs through Friday — daylight rides for the kids, haunted mazes and fog-machines-on-steroids once the sun drops.

🎭 Whether you’re sipping, screaming, or salsa-dancing, this is one of those weekends that reminds you why Pittsburgh in fall hits different.