Facts: The average 30-year fixed mortgage rate from Freddie Mac decreased to 6.76% from 6.85% last week. At 6.76%, with a 20% down payment, the monthly mortgage payment amounts to $2,078 for a home valued at $400,000. With a 10% down payment, the typical payment would be $2,337. 

Positive: This is the lowest rate for the 30-year fixed mortgage in two months, marking six consecutive weeks of rate declines. It results in a monthly savings of $60 on a $400,000 home, which represents a 20% decrease from when rates peaked recently at 7.04%. Is $60 a dealbreaker for someone purchasing a home? Perhaps not. However, it could influence a buyer’s financial perspective, shifting from the mid-6% range instead of 7%. Ultimately, vibes rather than data could prevail. 

Negative: Pending Home Sales released today indicated the lowest number of ratified contracts recorded, reflecting the higher rates experienced over the past 60 days. Mortgage applications remain stagnant, suggesting that home buyers might adopt a wait-and-see approach while considering the broader economy.