{"id":83494,"date":"2026-01-09T10:21:58","date_gmt":"2026-01-09T18:21:58","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=83494"},"modified":"2026-01-09T10:23:07","modified_gmt":"2026-01-09T18:23:07","slug":"purchasing-power-improves-rates-drop-january-2026","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/purchasing-power-improves-rates-drop-january-2026\/","title":{"rendered":"Trump\u2019s Mortgage Bond Order Pushes Rates Below 6% For First Time in Nearly 3 Years, Boosting Purchasing Power"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Purchasing power has increased $30,000 in the last six months, with rates falling below 6% the day after President Trump ordered a $200 billion mortgage bond purchase.\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\/30-year-fixed\"><span style=\"font-weight: 400;\">5.99%<\/span><\/a><span style=\"font-weight: 400;\"> on January 9, the lowest level in nearly three years, in the wake of <\/span><a href=\"https:\/\/www.cnn.com\/2026\/01\/08\/business\/mortgage-bonds-trump-purchase-rates\"><span style=\"font-weight: 400;\">President Trump\u2019s order<\/span><\/a><span style=\"font-weight: 400;\"> for the government to buy $200 billion in mortgage bonds. That means a homebuyer on a $3,000 monthly budget has <\/span><b>gained roughly $14,000 in purchasing power since one month ago<\/b><span style=\"font-weight: 400;\">, when the average rate was 6.35%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A buyer on that budget can afford a $479,750 home with today\u2019s mortgage rate, compared to the $466,000 home they could have bought with a 6.35% rate. But even last month\u2019s 6.35% rate is low compared to most of 2025; comparing to the average rate six months ago provides a sharper contrast. With a 6.8% rate, roughly the average at the start of July, a buyer on a $3,000 monthly budget could have bought a $449,500 home. That means a buyer on that budget has <\/span><b>gained over $30,000 in purchasing power since the summer<\/b><span style=\"font-weight: 400;\">.\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><br \/>\n<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\/housing-supply-falls-november-2025\/\"><span style=\"font-weight: 400;\">$433,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,537<\/span><\/a><span style=\"font-weight: 400;\"> with today\u2019s average rate. Six months ago, when rates were around 6.8%, the monthly payment would have been $2,720, about $180 more. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates fell sharply on January 9, to 5.99% from 6.21% the day before, following <\/span><a href=\"https:\/\/www.redfin.com\/news\/federal-government-mortgage-bonds\/\"><span style=\"font-weight: 400;\">Trump\u2019s directive<\/span><\/a><span style=\"font-weight: 400;\"> for Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds, which he <\/span><a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115861588073149023\"><span style=\"font-weight: 400;\">said on social media<\/span><\/a><span style=\"font-weight: 400;\"> would help bring down mortgage rates and housing costs. Mortgage rates are unlikely to fall much further than they already have, as this would be a relatively small asset purchase program by historical standards.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHouse\u00a0 hunters should know that this may be near the lowest mortgage rates fall for the foreseeable future,\u201d said <a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\">Chen Zhao<\/a>, Redfin\u2019s head of economics research. \u201cThe Fed is on track to <\/span><a href=\"https:\/\/www.redfin.com\/news\/mixed-jobs-report-unlikely-to-move-mortgage-rates\/\"><span style=\"font-weight: 400;\">leave rates alone<\/span><\/a><span style=\"font-weight: 400;\"> for the next few meetings, especially after today\u2019s mixed jobs report. Another plus for buyers: There are hundreds of thousands <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-vs-sellers-november-2025\/\"><span style=\"font-weight: 400;\">more home sellers than buyers<\/span><\/a><span style=\"font-weight: 400;\"> in the market, allowing buyers to negotiate. Serious buyers may want to jump in before competition heats up in the spring.\u201d<\/span><\/p>\n<p><b>Falling mortgage rates are an opportunity for home sellers, too.<\/b><span style=\"font-weight: 400;\"> Although there are more total sellers than buyers out there, <\/span><i><span style=\"font-weight: 400;\">new <\/span><\/i><span style=\"font-weight: 400;\">listings are <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-lowest-level-2-years\/\"><span style=\"font-weight: 400;\">losing steam<\/span><\/a><span style=\"font-weight: 400;\">. Prospective sellers may consider listing now, while sub-6% rates are motivating buyers.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing power has increased $30,000 in the last six months, with rates falling below 6% the day after President Trump ordered a $200 billion mortgage bond purchase.\u00a0 The daily average mortgage rate dropped to 5.99% on January 9, the lowest level in nearly three years, in the wake of President Trump\u2019s order for the government [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":83496,"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":"","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],"dashboard":[],"coauthors":[124],"class_list":["post-83494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-economics","tag-housing-affordability"],"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>Trump\u2019s Mortgage Bond Order Pushes Rates Below 6% For First Time in Nearly 3 Years, Boosting Purchasing Power<\/title>\n<meta name=\"description\" content=\"Purchasing power has increased $30,000 in the last six months, with rates falling below 6% the day after President Trump said he would order a $200 billion mortgage 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