{"id":81241,"date":"2025-07-01T13:06:47","date_gmt":"2025-07-01T20:06:47","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81241"},"modified":"2025-07-01T14:09:12","modified_gmt":"2025-07-01T21:09:12","slug":"mortgage-rates-decline-purchasing-power-improves","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-decline-purchasing-power-improves\/","title":{"rendered":"Homebuyers Gain $16,000 in Purchasing Power As Mortgage Rates Dip to Lowest Level in 3 Months"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">The daily average mortgage rate dipped to 6.67% to start July, down from roughly 7.1% five weeks earlier. On-the-fence house hunters should consider jumping in while they have more purchasing power&#8211;and more negotiating power.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget has gained $16,000 in purchasing power in the last five weeks. That buyer can afford a $455,000 home with a 6.65% mortgage rate, roughly the daily average on July 1. 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 early April.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Declining rates are giving homebuyers some wiggle room in their budgets. Rates fell from a recent peak of 7.08% in late May to 6.67% at the start of July. On a $3,000 monthly budget, a buyer could have purchased a $439,000 home with a 7.08% rate.\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>&nbsp;<\/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-prices-cool-still-at-record-may-high\/\"><span style=\"font-weight: 400;\">$441,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,705<\/span><\/a><span style=\"font-weight: 400;\"> with today\u2019s average rate. Five weeks ago, when rates were sitting above 7%, the payment would have been $2,795, nearly $100 more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates are still twice as high as they were in 2020 and 2021 during the pandemic homebuying boom. But for homebuyers who have been waiting months for rates to come down, the increase in purchasing power is notable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomebuyers have a window of opportunity today\u2013and it could be short,\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;\">. \u201cWe expect mortgage rates to remain in the high-6% or low-7% range for the rest of the year, as the Fed has made it clear it <\/span><a href=\"https:\/\/www.redfin.com\/news\/fed-meeting-june-2025-rates\/\"><span style=\"font-weight: 400;\">doesn\u2019t plan<\/span><\/a><span style=\"font-weight: 400;\"> to cut interest rates. That makes now a good time for house hunters to lock in mortgage rates, as they\u2019re unlikely to dip much lower in the near term\u2013and they could bounce back up. Economic uncertainty surrounding President Trump\u2019s <\/span><a href=\"https:\/\/www.nytimes.com\/live\/2025\/07\/01\/us\/trump-bill-news\"><span style=\"font-weight: 400;\">signature policy bill<\/span><\/a><span style=\"font-weight: 400;\">, which is moving through Congress now, could drive rates up.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fairweather also noted that sellers have a window of opportunity. Declining mortgage rates may entice house hunters to re-engage in their search, so now could be a good time for sellers to drop their asking price or talk to their agent about other ways to attract buyers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a few other factors that make it a good time to consider buying. There are hundreds of thousands <\/span><a href=\"https:\/\/www.redfin.com\/news\/sellers-vs-buyers-price-impact\/\"><span style=\"font-weight: 400;\">more home sellers than buyers<\/span><\/a><span style=\"font-weight: 400;\"> in today\u2019s market, giving buyers negotiating power. Redfin agents report that sellers in many parts of the country are willing to lower their asking price to get a deal done; many homes are<\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-sale-prices-hit-record-high\/\"><span style=\"font-weight: 400;\"> selling for below<\/span><\/a><span style=\"font-weight: 400;\"> their asking price. Nearly half of U.S. home sellers are <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-seller-concessions-march-2025\/\"><span style=\"font-weight: 400;\">giving concessions to buyers<\/span><\/a><span style=\"font-weight: 400;\">, just shy of the highest level on record.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The daily average mortgage rate dipped to 6.67% to start July, down from roughly 7.1% five weeks earlier. On-the-fence house hunters should consider jumping in while they have more purchasing power&#8211;and more negotiating power.\u00a0 A homebuyer on a $3,000 monthly budget has gained $16,000 in purchasing power in the last five weeks. That buyer can [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":81244,"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-81241","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 Gain $16,000 in Purchasing Power As Mortgage Rates Dip to Lowest Level Since April<\/title>\n<meta name=\"description\" content=\"The daily average mortgage rate dipped to 6.67% to start July, down from roughly 7.1% five weeks earlier. 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On-the-fence house hunters should consider jumping in while they have more purchasing power.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/mortgage-rates-decline-purchasing-power-improves\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-01T20:06:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-01T21:09:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/07\/PDM25_Hero_Manhattan-1024x698.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"698\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Homebuyers Gain $16,000 in Purchasing Power As Mortgage Rates Dip to Lowest Level in 3 Months\",\"datePublished\":\"2025-07-01T20:06:47+00:00\",\"dateModified\":\"2025-07-01T21:09:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/\"},\"wordCount\":443,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/PDM25_Hero_Manhattan.jpg\",\"keywords\":[\"Housing Affordability\",\"national\"],\"articleSection\":[\"Affordability\",\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/\",\"name\":\"Homebuyers Gain $16,000 in Purchasing Power As Mortgage Rates Dip to Lowest Level Since April\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rates-decline-purchasing-power-improves\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/PDM25_Hero_Manhattan.jpg\",\"datePublished\":\"2025-07-01T20:06:47+00:00\",\"dateModified\":\"2025-07-01T21:09:12+00:00\",\"description\":\"The daily average mortgage rate dipped to 6.67% to start July, down from roughly 7.1% five weeks earlier. 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