{"id":81639,"date":"2025-08-04T11:22:10","date_gmt":"2025-08-04T18:22:10","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81639"},"modified":"2025-08-04T11:22:28","modified_gmt":"2025-08-04T18:22:28","slug":"mortgage-rates-fall-purchasing-power-increases","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-fall-purchasing-power-increases\/","title":{"rendered":"Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Redfin economists say the recent dip in mortgage rates gives serious house hunters a window of opportunity to lock in a lower monthly housing payment.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The daily average mortgage rate dropped to <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\"><span style=\"font-weight: 400;\">6.57%<\/span><\/a><span style=\"font-weight: 400;\"> on August 4, the lowest level in 10 months. That means a homebuyer on a $3,000 monthly budget has gained roughly $20,000 in purchasing power since May, when the daily average rate hit a recent peak of 7.08%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A buyer on that budget can afford a $458,750 home with today\u2019s mortgage rate, compared to the $439,000 home they could have bought with May\u2019s peak.<\/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-listings-fall-june-2025\/\"><span style=\"font-weight: 400;\">$447,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,862<\/span><\/a><span style=\"font-weight: 400;\"> with today\u2019s average rate. In mid-May, when rates were sitting above 7%, the monthly payment would have been $2,983, over $100 more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates fell over the weekend following a <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-to-fall-following-weak-july-jobs-report\/\"><span style=\"font-weight: 400;\">weaker-than-expected<\/span><\/a><span style=\"font-weight: 400;\"> July jobs report. The U.S. added fewer jobs than anticipated, and the unemployment rate ticked up, which pushed up the chances of the Fed cutting interest rates in September.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis dip in mortgage rates gives house hunters a window of opportunity to buy before summer ends,\u201d said <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>, Redfin\u2019s chief economist. \u201cWhile housing costs are still fairly high, the recent decline in rates boosts purchasing power and improves overall homebuying conditions. Combined with the surplus of homes for sale on the market, serious buyers may want to jump in sooner rather than later.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">House hunters should take note that 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<\/span><\/a><span style=\"font-weight: 400;\"> than buyers in the market, giving many prospective buyers an opportunity to negotiate home prices down and ask for <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-seller-concessions-march-2025\/\"><span style=\"font-weight: 400;\">concessions<\/span><\/a><span style=\"font-weight: 400;\">. But the gap between sellers and buyers is starting to shrink as <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-listings-fall-june-2025\/\"><span style=\"font-weight: 400;\">new listings decline<\/span><\/a><span style=\"font-weight: 400;\">, with would-be sellers opting to stay put instead of listing their home in a buyer\u2019s market.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Redfin economists say the recent dip in mortgage rates gives serious house hunters a window of opportunity to lock in a lower monthly housing payment.\u00a0 The daily average mortgage rate dropped to 6.57% on August 4, the lowest level in 10 months. That means a homebuyer on a $3,000 monthly budget has gained roughly $20,000 [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":81641,"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":[36,20,623],"dashboard":[],"coauthors":[124],"class_list":["post-81639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-economics","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>Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market<\/title>\n<meta name=\"description\" content=\"Redfin economists say the recent dip in mortgage rates gives serious house hunters a window of opportunity to lock in a lower monthly housing payment.\" \/>\n<meta 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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\/81639","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=81639"}],"version-history":[{"count":6,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/81639\/revisions"}],"predecessor-version":[{"id":81646,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/81639\/revisions\/81646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/81641"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=81639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=81639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=81639"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=81639"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=81639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}