{"id":870261,"date":"2025-08-04T15:18:05","date_gmt":"2025-08-04T19:18:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\/"},"modified":"2025-08-04T15:18:05","modified_gmt":"2025-08-04T19:18:05","slug":"mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\/","title":{"rendered":"Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market<\/b><\/p>\n<p class=\"bwalignc\"><i>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<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nThe daily average mortgage rate dropped to 6.57% on August 4, the lowest level in 10 months, according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fmortgage-rates-fall-purchasing-power-increases&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=51075a5928a0cfe2816c5a96b62c92e8\">report<\/a> from <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=Redfin&amp;index=2&amp;md5=9172f69778750b9ea6b3cc8aa5068383\">Redfin<\/a>, 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%.<\/p>\n<p>\nA 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.<\/p>\n<p>\nTo look at affordability another way, the monthly mortgage payment on the median-priced U.S. home, which goes for roughly <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhome-listings-fall-june-2025%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=%24447%2C000&amp;index=3&amp;md5=faf8ddd0c4f876ba5865bf2b58fa0292\">$447,000<\/a>, is <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fmortgage-calculator&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=%242%2C862&amp;index=4&amp;md5=18f39a7d3dc32e92c3f89ed6dc61b0aa\">$2,862<\/a> 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.<\/p>\n<p>\nMortgage rates fell over the weekend following a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fmortgage-rates-to-fall-following-weak-july-jobs-report%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=weaker-than-expected&amp;index=5&amp;md5=dbad0c2609ebab1fe9d0e1ba5f4a4199\">weaker-than-expected<\/a> 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.<\/p>\n<p>\n\u201cThis dip in mortgage rates gives house hunters a window of opportunity to buy before summer ends,\u201d said <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fauthor%2Fdarylfairweather%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=Daryl+Fairweather&amp;index=6&amp;md5=1738288ce06811758d82e115057efd82\">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<\/p>\n<p>\nHouse hunters should take note that there are hundreds of thousands<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fsellers-vs-buyers-price-impact%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=more+home+sellers&amp;index=7&amp;md5=6dece849ae926f3829e708b0564f4d0c\"> more home sellers<\/a> than buyers in the market, giving many prospective buyers an opportunity to negotiate home prices down and ask for <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhome-seller-concessions-march-2025%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=concessions&amp;index=8&amp;md5=83b418ea4dba7762c352e1994646bdd6\">concessions<\/a>. But the gap between sellers and buyers is starting to shrink as <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhome-listings-fall-june-2025%2F&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=new+listings+decline&amp;index=9&amp;md5=333cf852e2e1567d4d295ae3a65823ea\">new listings decline<\/a>, with would-be sellers opting to stay put instead of listing their home in a buyer\u2019s market.<\/p>\n<p>\nTo view the full report, including a chart, please visit:<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fmortgage-rates-fall-purchasing-power-increases&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fmortgage-rates-fall-purchasing-power-increases&amp;index=10&amp;md5=40c119df92c5bbc6ac320bd9dcf1edb2\">https:\/\/www.redfin.com\/news\/mortgage-rates-fall-purchasing-power-increases<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin is a technology-driven real estate company with the country&#8217;s most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin\u2019s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.<\/p>\n<p>\nYou can find more information about Redfin and get the latest housing market data and research at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fredfin.com%2Fnews&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=Redfin.com%2Fnews&amp;index=11&amp;md5=a6a4893e6f20319fc70ce8789d21c83f\">Redfin.com\/news<\/a>. For more information about Rocket Companies, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Frocketcompanies.com&amp;esheet=54302686&amp;newsitemid=20250804844916&amp;lan=en-US&amp;anchor=RocketCompanies.com&amp;index=12&amp;md5=cba17f15a4f040517ef1fcb76a4e694d\">RocketCompanies.com<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250804844916r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250804844916\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250804844916\/en\/<\/a><\/span><\/p>\n<p><b>Contact Redfin Journalist Services:<br \/>\n<\/b><br \/>Tana Kelley<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Washington United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Residential Building &amp; Real Estate Construction &amp; Property Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market 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&#8211;(BUSINESS WIRE)&#8211; 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\u2019s mortgage rate, compared to the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-870261","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market 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&#8211;(BUSINESS WIRE)&#8211; 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\u2019s mortgage rate, compared to the &hellip; Continue reading &quot;Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-04T19:18:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250804844916r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market\",\"datePublished\":\"2025-08-04T19:18:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\\\/\"},\"wordCount\":516,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20250804844916r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mortgage-rates-drop-to-lowest-level-in-10-months-upping-purchasing-power-in-a-buyer-friendly-market\\\/\",\"name\":\"Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market - 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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%. 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