Homebuyers have gained more purchasing power as mortgage rates have edged lower.
That's due to a steady decline in mortgage rates, with the 30-year fixed rate hovering around 6.7%.
That's thanks to the recent decline in mortgage rates, which has taken the cost of borrowing on a 30-year fixed mortgage to around 6.7%, Freddie Mac data shows.
With rates hovering around 6.7%, that means the typical homebuyer will pay $2,545 on their monthly mortgage payment – down from the median monthly payment of $2,713 when mortgage rates hovered around 7.8%.
Prospective buyers shouldn't try to time interest rates before entering the housing market, Redfin chief economist Daryl Fairweather said.
Persons:
Homebuyers, Redfin, —, Freddie Mac, shouldn't, Daryl Fairweather, Fairweather
Organizations:
Service, Fed