The median home price fell from $425,000 in September to $424,950 in October, while mortgage rates increased to 6.72% this week for a 30-year fixed loan.
Current homebuyers are way better off now than they would have been last October when mortgage rates peaked at 7.79%.
With a 20% down payment, the monthly mortgage payment today is $2,198 at the current rate, compared to $2,445 at last year's peak.
When considering monthly savings over 30 years, today's mortgage rates offer significant long-term savings compared to when rates peaked.
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