Facts: The average 30-year fixed mortgage rate from Freddie Mac decreased to 6.62%, down from 6.64% last week. At this rate, with a 20% down payment, the monthly mortgage payment amounts to $2,048 for a home priced at $400,000. With a 10% down payment, the typical payment would be $2,304.

Level set: The 30-year fixed mortgage has been on a roller coaster ride this week, and the weekly average is below today’s mortgage rate quotes. This is due to the bond market reacting in real time to real-time decisions. Home buyers could have locked in the lowest rates seen in months earlier this week. 

Watch: As a reaction to the mortgage rate turbulence, savvy shoppers jumped on lower rates, and mortgage applications increased 20%. If home buyers are ready to buy and on solid financial footing, stay in close contact to find the perfect home and lock in the lowest rate amid daily changes.