{"id":78326,"date":"2024-08-05T12:30:20","date_gmt":"2024-08-05T19:30:20","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78326"},"modified":"2024-08-05T12:30:20","modified_gmt":"2024-08-05T19:30:20","slug":"home-affordability-improves-mortgage-rates-drop","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-affordability-improves-mortgage-rates-drop\/","title":{"rendered":"Homebuyers Have Gained Nearly $30,000 in Purchasing Power Over the Last Month Thanks to Mortgage-Rate Drop"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">House hunters should consider jumping into the market now, with last week\u2019s soft jobs report sending mortgage rates to their lowest level since April 2023.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Daily average mortgage rates have 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 April 2023, welcome news for homebuyers who have been waiting for affordability to improve.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget can afford a $466,000 home with a 6.35% mortgage rate, roughly the daily average on August 5. That buyer has gained nearly $30,000 in purchasing power over the last month alone: They could have purchased a $437,250 home with a 7.15% rate, roughly the daily average at the start of July. And that same buyer has gained more than <\/span><i><span style=\"font-weight: 400;\">$40,000<\/span><\/i><span style=\"font-weight: 400;\"> in purchasing power since April, when mortgage rates hit a five-month high of about 7.5%.<\/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 mortgage payment on the median-priced U.S. home, which goes for roughly <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-june-2024\/\"><span style=\"font-weight: 400;\">$443,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,842<\/span><\/a><span style=\"font-weight: 400;\"> with today\u2019s average mortgage rate. Just one month ago, the payment would have been $3,032, nearly $200 more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMortgage rates are falling further and faster than expected due to last week\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-to-fall-significantly-following-weak-jobs-report\/\"><span style=\"font-weight: 400;\">soft jobs report<\/span><\/a><span style=\"font-weight: 400;\"> and mounting <\/span><a href=\"https:\/\/www.cnbc.com\/2024\/08\/05\/the-fed-is-trying-to-fight-a-ghost-as-recession-fears-mount.html\"><span style=\"font-weight: 400;\">recession fears<\/span><\/a><span style=\"font-weight: 400;\">,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cFor house hunters who have been waiting for rates to fall before they buy a home: Now is the time. Mortgage rates may decline more as the year goes on, but that will invite competition and push home prices higher, likely canceling out the savings from a lower mortgage rate.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin economists expect more new listings in 2025 as move-up buyers try to take advantage of lower rates. But demand will likely exceed supply, causing homes to sell faster and more often for above the listed price. Buyers should consider getting ahead of the herd by taking advantage of improving affordability and the big pool of <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-june-2024\/\"><span style=\"font-weight: 400;\">stale inventory<\/span><\/a><span style=\"font-weight: 400;\"> to choose from, Fairweather said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s still difficult for many Americans to afford a home. Sale prices remain <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-monthly-payments-down\/\"><span style=\"font-weight: 400;\">near record highs<\/span><\/a><span style=\"font-weight: 400;\">, and while mortgage rates have fallen significantly from their recent peak, they\u2019re still more than double pandemic-era lows.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This week\u2019s economic data is volatile, and mortgage rates could rise a bit over the next few days. U.S. <\/span><a href=\"https:\/\/www.cnbc.com\/quotes\/US10Y\"><span style=\"font-weight: 400;\">treasury yields<\/span><\/a><span style=\"font-weight: 400;\">, one indicator of where mortgage rates will go, fell to a one-year low on August 5 but bounced back just hours later after a Fed official said the weak jobs report <\/span><a href=\"https:\/\/www.reuters.com\/markets\/us\/economic-fears-send-yields-one-year-lows-210-curve-turns-positive-2024-08-05\/\"><span style=\"font-weight: 400;\">doesn\u2019t indicate<\/span><\/a><span style=\"font-weight: 400;\"> a recession.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That volatility is another reason Redfin economists suggest homebuyers who have been waiting for rates to drop act quickly. Buyers should also <\/span><a href=\"https:\/\/www.freddiemac.com\/research\/insight\/20230216-when-rates-are-higher-borrowers-who-shop-around-save\"><span style=\"font-weight: 400;\">shop around<\/span><\/a><span style=\"font-weight: 400;\"> for the lowest mortgage rate, and those who are already under contract may consider checking back in with their lender to make sure they have the best available rate. It\u2019s also worth noting that current mortgage rates have already priced in aggressive interest-rate cuts from the Fed. That means that while rates may tick down further in the next few months, homebuyers shouldn\u2019t expect them to drop significantly more than they already have.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>House hunters should consider jumping into the market now, with last week\u2019s soft jobs report sending mortgage rates to their lowest level since April 2023. Daily average mortgage rates have dropped to their lowest level since April 2023, welcome news for homebuyers who have been waiting for affordability to improve.\u00a0 A homebuyer on a $3,000 [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":78327,"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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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-78326","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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuyers Have Gained Nearly $30,000 in Purchasing Power Over the Last Month Thanks to Mortgage-Rate Drop<\/title>\n<meta name=\"description\" content=\"House hunters should consider jumping into the market now, with last week\u2019s soft jobs report sending mortgage rates to their lowest level since April 2023.\" \/>\n<meta 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