{"id":78209,"date":"2024-07-12T05:00:44","date_gmt":"2024-07-12T12:00:44","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78209"},"modified":"2024-07-11T15:44:36","modified_gmt":"2024-07-11T22:44:36","slug":"mortgage-rates-fall-payments-down","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-fall-payments-down\/","title":{"rendered":"Falling Mortgage Rates, Rising Supply Create Opportunity for Homebuyers This Summer, Even Amid Record-High Prices"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">House hunters who have been waiting for mortgage rates to start declining may want to get serious about buying a home soon. Mortgage rates dropped to their <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">lowest level<\/span><\/a><span style=\"font-weight: 400;\"> since March on Thursday\u2019s inflation report, and the supply of homes for sale is rising, giving buyers a sweet spot before competition picks up.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget can afford a $447,750 home with a <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">6.85%<\/span><\/a><span style=\"font-weight: 400;\"> mortgage rate, today\u2019s daily average. That buyer has gained\u00a0$22,250 in purchasing power since mortgage rates hit a five-month peak in April, when they could have bought a $425,500 home with an average rate of 7.5%.\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 another way, the monthly <a href=\"https:\/\/www.redfin.com\/mortgage-calculator\">mortgage payment<\/a> on the typical U.S. home, which costs roughly <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/\"><span style=\"font-weight: 400;\">$400,000<\/span><\/a><span style=\"font-weight: 400;\">, is $2,647 with today\u2019s 6.85% rate. That\u2019s down nearly $200 from $2,814 with a 7.5% rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates dropped to their lowest level in over four months on Thursday, after the latest CPI report showed that inflation is cooling faster than expected and <\/span><a href=\"https:\/\/www.redfin.com\/news\/july-2024-inflation-report\/\"><span style=\"font-weight: 400;\">upped the chances<\/span><\/a><span style=\"font-weight: 400;\"> that the Fed will cut interest rates by September.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s likely that mortgage rates will continue declining slightly in advance of the expected interest-rate cuts, but it\u2019s unlikely they\u2019ll drop below 6% before the end of the year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though mortgage rates are declining, sale prices are still at <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/\"><span style=\"font-weight: 400;\">record highs<\/span><\/a><span style=\"font-weight: 400;\"> and total housing costs are historically high. Prices are unlikely to drop meaningfully in the near future.\u00a0<\/span><\/p>\n<h2>The other piece of good news for buyers: More homes to choose from<\/h2>\n<p><span style=\"font-weight: 400;\">Rising inventory is also promising for buyers: New listings of homes for sale are <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/\"><span style=\"font-weight: 400;\">up 7%<\/span><\/a><span style=\"font-weight: 400;\"> year over year, and the total number of homes for sale is near its highest level since late 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">More homes are hitting the market partly because homeowners, many of whom are <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\"><span style=\"font-weight: 400;\">locked into<\/span><\/a><span style=\"font-weight: 400;\"> ultra-low mortgage rates,\u00a0 are tired of waiting for rates to drop dramatically before listing their homes. Rates have been sitting at double pandemic-era lows for nearly two years, and homeowners have come to terms with the fact that if they wait for rates to drop to 3% or 4% before selling and moving onto their next home, they may be waiting for several years. The fact that rates are declining slightly right now may lure more would-be sellers off the sidelines, too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homes are also sitting on the market longer than usual. More than <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-may-2024\/\"><span style=\"font-weight: 400;\">60%<\/span><\/a><span style=\"font-weight: 400;\"> of homes that were on the market in May had been listed for at least 30 days without going under contract, up from 50% two years earlier. Two in five (40%) homes had been listed for at least <\/span><i><span style=\"font-weight: 400;\">two <\/span><\/i><span style=\"font-weight: 400;\">months without going under contract, up from 28% two years earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The uptick in homes for sale, along with the fact that many listings are growing stale, means many of the less-desirable homes on the market are having a hard time finding a buyer. That gives homebuyers in some places a chance to get a home for under the asking price, and negotiate for other money savers, like home repairs or help with closing costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNow is a good time\u2013at least compared to the recent past\u2013for serious house hunters to get under contract on a home,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cThe combination of declining mortgage rates, rising supply and a lot of inventory growing stale means buyers have a window where they have more purchasing power than earlier in the year and more homes to choose from. But the window is likely to be short. Declining rates should bring many homebuyers back to the market soon, which means competition would tick up and home prices would increase even faster than they <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/\"><span style=\"font-weight: 400;\">already are<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">It\u2019s also possible rates drop further in 2025, which would make monthly costs decline more and increase competition even more. One thing is for sure: lower rates will lead to more home sales.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring. House hunters who have been waiting for mortgage rates to start declining may want to get serious about buying a home soon. Mortgage rates dropped to their lowest level since March on Thursday\u2019s inflation report, [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":78210,"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 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