Mortgage rates dropped to 6.09%, a two-year low, leading to a significant improvement in buying power for homebuyers across the U.S.
As of October 2023, the national median list price was $425,000, with monthly payment at peak rates costing $2,445. With current rates, it dropped to $2,082.
The typical homebuyer saves $363 monthly since rates peaked, translating to an impressive $4,356 in annual savings, benefiting many buyers nationwide.
To assess personal savings, homebuyers can utilize the Realtor.com mortgage calculator, tailoring results based on current rates and local market conditions.
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