{"id":79341,"date":"2025-02-21T13:10:42","date_gmt":"2025-02-21T21:10:42","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79341"},"modified":"2025-02-21T13:10:42","modified_gmt":"2025-02-21T21:10:42","slug":"purchasing-power-february-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/purchasing-power-february-2025\/","title":{"rendered":"Mortgage Rates Drop to Their Lowest Level in 2 Months, Upping Purchasing Power and Giving Homebuyers Window of Opportunity"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">The increase in purchasing power is modest, but along with a pileup of housing supply in some parts of the country, it marks an opportunity for buyers.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget can afford a $446,000 home with a 6.9% mortgage rate, roughly the daily average on February 21. That\u2019s the lowest <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">daily average mortgage rate<\/span><\/a><span style=\"font-weight: 400;\"> since mid-December.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The decline in rates is giving homebuyers a bit more purchasing power. In the last nine days alone, a buyer on a $3,000 budget has gained $7,000 in purchasing power, as rates fell from 7.13% to 6.89%.\u00a0 That buyer could have purchased a $439,000 home with a 7.1% rate, roughly the average on February 12. <\/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-sales-fall-supply-rises\/\"><span style=\"font-weight: 400;\">$420,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,760<\/span><\/a><span style=\"font-weight: 400;\"> with today\u2019s average mortgage rate. Two weeks ago, the payment would have been $2,814.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the mortgage-rate decline is small and the uptick in purchasing power is modest, they\u2019re notable because Redfin economists expect mortgage rates to remain elevated in the high-6% to low-7% range throughout the year. That means rates dropping to 6.89%, their lowest level in two months, is an opportunity for buyers to lock in a comparatively low rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHouse hunters who have been waiting on the sidelines, hoping for rates to come down, may want to act quickly while rates are below 7%,\u201d said Redfin Economic Research Lead <a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\">Chen Zhao<\/a>. \u201cThe economic and political uncertainty in the air means rates could easily rebound to over 7% next week or next month. The window of opportunity for buyers looks even brighter when you consider that the supply of homes for sale nationwide is piling up, giving <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-market-february-2025\/\"><span style=\"font-weight: 400;\">some buyers power<\/span><\/a><span style=\"font-weight: 400;\"> to negotiate on sale price and terms.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that even though rates have come down a bit over the last few weeks, housing costs are still near record highs. And while buyers have some negotiating power in certain parts of the country, that\u2019s not necessarily the case in West Coast and Northeast markets, where supply remains constrained.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates are coming down due to fears that some of the Trump administration\u2019s policies, such as tighter immigration policies, tariffs, and layoffs across the federal government\u2013will reduce economic growth.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The increase in purchasing power is modest, but along with a pileup of housing supply in some parts of the country, it marks an opportunity for buyers.\u00a0 A homebuyer on a $3,000 monthly budget can afford a $446,000 home with a 6.9% mortgage rate, roughly the daily average on February 21. That\u2019s the lowest daily [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":79342,"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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Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/79341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=79341"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/79341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/79342"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=79341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=79341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=79341"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=79341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}