{"id":84073,"date":"2026-02-23T11:05:17","date_gmt":"2026-02-23T19:05:17","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84073"},"modified":"2026-02-23T13:33:19","modified_gmt":"2026-02-23T21:33:19","slug":"purchasing-power-up-mortgage-rates-down","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/purchasing-power-up-mortgage-rates-down\/","title":{"rendered":"Mortgage Rates Drop to Lowest Level Since 2022, Handing Homebuyers More Purchasing Power"},"content":{"rendered":"<p><strong><em>Along with more purchasing power, house hunters have negotiating power as sellers greatly outnumber buyers.<\/em><\/strong><\/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 February 23, the lowest level since September 2022, except for a few hours on January 9 when rates fell to the same level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A buyer on a $3,000 monthly budget can afford a $479,750 home with today\u2019s mortgage rate. Compare that to the $471,750 home they could have bought at the start of this year when rates were hovering around 6.2%, or the $446,000 home they could have bought a year ago with a 6.9% rate. That means a buyer on that budget has gained $8,000 in purchasing power since the beginning of 2026, and $33,750 over the last year.\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 costs <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-prices-rise-january-2026\/\"><span style=\"font-weight: 400;\">$423,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,790<\/span><\/a><span style=\"font-weight: 400;\">. Two months ago, when rates were at 6.2%, the monthly payment would have been $2,834; a year ago, the payment would have been $2,992 with a 6.9% rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is the latest piece of good news for house hunters this month. Among the others:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homebuyers must earn $111,000 to afford the typical U.S. home, higher than the median household income but down 4% from last year, according to a separate <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuying-affordability-improving-2026\/\"><span style=\"font-weight: 400;\">Redfin report<\/span><\/a><span style=\"font-weight: 400;\">. On a local level, affordability is improving in 37 of the 50 most populous metros.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There are a <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-vs-sellers-january-2025\/\"><span style=\"font-weight: 400;\">near-record<\/span><\/a><span style=\"font-weight: 400;\"> 600,000 more home sellers than buyers in the housing market, giving buyers negotiating power. In many parts of the country, buyers are successfully negotiating prices down and getting concessions from sellers.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-price growth is <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-prices-rise-january-2026\/\"><span style=\"font-weight: 400;\">losing steam<\/span><\/a><span style=\"font-weight: 400;\">; prices are up just 1%, compared to 4% growth a year ago.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Declining mortgage rates can be good news for sellers, too, because they pique the interest of buyers. They can also add inventory to the market, motivating locked-in homeowners to list their houses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates are coming down because <\/span><a href=\"https:\/\/www.cnbc.com\/2026\/02\/23\/us-treasury-yields-investors-weigh-new-trump-tariffs.html\"><span style=\"font-weight: 400;\">U.S. Treasury yields are falling<\/span><\/a><span style=\"font-weight: 400;\"> as investors park their money in bond markets amid <\/span><a href=\"https:\/\/www.nytimes.com\/2026\/02\/23\/business\/supreme-court-trump-tariffs-updates.html\"><span style=\"font-weight: 400;\">tariff uncertainty<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.usatoday.com\/story\/money\/2026\/02\/22\/software-stocks-selloff-microsoft-oracle-salesforce-nasdaq\/88774908007\/\"><span style=\"font-weight: 400;\">AI jitters<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Along with more purchasing power, house hunters have negotiating power as sellers greatly outnumber buyers. The daily average mortgage rate dropped to 5.99% on February 23, the lowest level since September 2022, except for a few hours on January 9 when rates fell to the same level.\u00a0 A buyer on a $3,000 monthly budget can [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":84075,"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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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\/84073","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=84073"}],"version-history":[{"count":3,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/84073\/revisions"}],"predecessor-version":[{"id":84079,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/84073\/revisions\/84079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/84075"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=84073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=84073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=84073"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=84073"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=84073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}