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.