People buying homes today are paying $200 a month less for the same home than those with bad timing who purchased at peak rates

• The current average interest rate for a 30-year mortgage is 6.13%, according to Freddie Mac data.
• This means rates are down roughly a full percentage point from the November peak of 7.08%.
• One homebuyer told Insider he's excited to get back in the market because of falling rates.

How much can one really save on a mortgage that's just 1 percentage point lower? It turns out that it's enough to bring shoppers off the sidelines and back into the market.