\nHouse hunters got some relief this week as the daily average mortgage rate dropped to its lowest level in nearly a year after a softer-than-expected<\/a> jobs report. That\u2019s according to a new r<\/a>epo<\/a>r<\/a>t<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n
\nA homebuyer on a $3,000 monthly budget can afford a $458,750 home with a 6.55% mortgage rate, roughly the daily average on Wednesday; that buyer has gained roughly $20,000<\/a> in purchasing power since mortgage rates hit a recent peak of 7.08% in May.<\/p>\n There are a few other bright spots for house hunters this week:<\/b><\/p>\n \nHouse hunters should keep in mind that the window of opportunity for buyers could be short. New listings have lost steam, staying essentially flat year over year, as would-be sellers realize they may not get the price they want for their home. Additionally, lower mortgage rates could bring more buyers and more competition. Mortgage-purchase applications have already increased, rising 2% week over week.<\/p>\n \n\u201cSerious homebuyers should consider taking this window of opportunity to act fast and lock in a mortgage rate at the lowest level we\u2019ve seen since last October,\u201d said Chen Zhao, Redfin\u2019s head of economics research. \u201cLast week\u2019s soft jobs report ups the chances of the Fed cutting interest rates in September. The market\u2019s anticipation of that cut has already pushed mortgage rates down, and there\u2019s no guarantee they\u2019ll fall further. There\u2019s a chance mortgage rates could fluctuate when more economic data is released in the coming weeks.\u201d<\/p>\n For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/i>From Our Economists<\/i><\/a>\u201d page.<\/i><\/p>\n Leading indicators<\/b><\/p>\n\n
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