{"id":77403,"date":"2024-01-29T05:00:01","date_gmt":"2024-01-29T13:00:01","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77403"},"modified":"2024-01-26T11:00:25","modified_gmt":"2024-01-26T19:00:25","slug":"purchasing-power-improves","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/purchasing-power-improves\/","title":{"rendered":"Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. Redfin economists don\u2019t expect rates to rise or decline significantly in the foreseeable future.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget can afford a $453,000 home with a <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms?intcmp=CWS-HP\"><span style=\"font-weight: 400;\">6.7%<\/span><\/a><span style=\"font-weight: 400;\"> mortgage rate, roughly this week\u2019s average. That buyer has gained nearly $40,000 in purchasing power since October 2023, when they could have bought a $416,000 home with an average rate of 7.8%.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-FEIwf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"How much home can you buy on a variety of fixed monthly payments as mortgage rates change?\" src=\"\/\/datawrapper.dwcdn.net\/FEIwf\/6\/\" height=\"600\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">To look at affordability from another perspective, the monthly mortgage payment on the typical U.S. home, which costs roughly <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-prices-rise-pending-sales-fall\/\"><span style=\"font-weight: 400;\">$363,000<\/span><\/a><span style=\"font-weight: 400;\">, is $2,545 with a 6.7% rate. The monthly payment was nearly $200 higher\u2013$2,713\u2013when rates were at 7.8%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuyers are getting some relief in 2024 as mortgage rates come down from the two-decade high they hit this past October. Weekly average rates dipped into the 6.6% range by the end of 2023, and ticked up slightly to 6.7% this week. While that\u2019s double the record-low 3% rates buyers scored during the pandemic, Redfin agents report that buyers have come to terms with the 6% range\u2013but they were more hesitant when they were approaching 8%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBidding wars are picking up as mortgage rates decline and inventory stays low. I\u2019ve seen a few homes get 15-plus offers recently, and one got more than 30,\u201d said <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/shoshana-godwin\">Shoshana Godwin<\/a>, a Redfin Premier agent in Seattle. \u201cLate last year, many listings sat on the market as buyers sat on the sidelines, hoping for rates to drop. Now, buyers are snapping up homes because even though rates haven\u2019t plummeted, people are realizing that the longer they wait to buy a home, the more competition they\u2019re likely to face.\u201d<\/span><\/p>\n<h3>Mortgage rates likely to stay in the 6\u2019s for the foreseeable future<\/h3>\n<p><span style=\"font-weight: 400;\">Redfin economists predict mortgage rates will end the year lower than they started, but the path is likely to be bumpy. We\u2019re keeping an eye on next week\u2019s Fed meeting to provide more clues on how soon they will cut interest rates: It could be as soon as March, but it\u2019s likely to be later. Mortgage rates should come down a little\u2013but not a lot\u2013when interest rates are cut.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMy advice to serious house hunters: Trying to time the market around mortgage rates is probably a waste of energy, as affordability is unlikely to change meaningfully in the next several months,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cInstead, buyers should consider their own personal and financial circumstances: What matters most is whether the home meets your needs long term and whether you can afford it. Timing the market mattered in 2021, when we were in a golden window of record-low rates\u2013but that window is closed.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. Redfin economists don\u2019t expect rates to rise or decline significantly in the foreseeable future.\u00a0 A homebuyer on a $3,000 monthly budget can afford a $453,000 home with a 6.7% mortgage rate, roughly this week\u2019s [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":77404,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,623],"dashboard":[],"coauthors":[124],"class_list":["post-77403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall<\/title>\n<meta name=\"description\" content=\"Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. 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