Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
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 SEATTLE--(BUSINESS WIRE)--The daily average mortgage rate dropped to 6.57% on August 4, the lowest level in 10 months, according to a new report from Redfin, the real estate brokerage powered by Rocket. 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%.A buyer on that budget can afford a $458,750 home with today’s mortgage rate, compared to the $439,000 home they could have bought with May’s peak.To look at affordability another way, the monthly mortgage payment on the median-priced U.S. home, which goes for roughly $447,000, is $2,862 with today’s average rate. In mid-May, when rates were sitting above 7%, the monthly payment would have been $2,983, over $100 more.Mortgage rates fell over the weekend following a weaker-tha
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