The Treasure Valley housing market increasingly favors buyers as home prices decline and mortgage rates drop to their lowest levels in over a year.
The average 30-year mortgage rate fell to 6.47% for the week ending August 8, the lowest level since May 2023. Homebuyer demand typically shrinks when rates rise above 7% and picks up when they fall below that threshold.
Even small changes in mortgage rates can significantly impact home affordability. For instance, a buyer who put 20% down on a $500,000 home in April would have faced a monthly payment of about $2,750, excluding insurance and property taxes. Today, that payment would be closer to $2,480.
Federal Reserve Chair Jerome Powell recently suggested that a rate cut "could be on the table
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