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Mortgage rates are down substantially from last month, already potentially providing some monthly savings for borrowers. As inflation continues to slow, rates should come down even further.
Average 30-year mortgage rates hit a low of 6.91% this month, which is 87 basis points down compared to where rates peaked in October.
To put that into perspective, a borrower getting a $300,000 mortgage at this month's lows would pay around $160 less each month for a mortgage compared to someone getting that same loan when rates were spiking a month ago.