Great news for homebuyers and anyone who is looking to refinance – mortgage rates are down. Mortgage rates started to fall in mid to late July. The downward trend continued into August. Conventional, conforming mortgage rates have pushed back into the upper 4 range for the best scenarios. The rates for similar scenarios touched 6% in late spring and early summer.
On a $300,000 mortgage amount for a 30-year fixed the one percent rate drop equates to nearly $190 in the monthly payment. At the same time, we have seen a slight shift toward a buyer market. Less-listed homes are seeing multiple offers. In some markets, we have seen small declines in asking prices. These factors mean a buyer now has more purchasing power.