Homebuyers gaining purchasing power

Homebuyers have gained $22,250 in purchasing power since mortgage rates hit a five-month peak in April. That astonishing fact is from [Redfin’s](https://www.redfin.com/news/mortgage-rates-fall-payments-down/?utm_source=www.readtheblueprint.com&utm_medium=newsletter&utm_campaign=news-that-homebuyers-will-love-to-hear) l latest report. Here are the other major key points: - Mortgage rates have fallen to 6.85%, down from the high of 7.5% in April - New listings of homes for sale are up 7% year over year - The total number of homes for sale is near its highest level since late 2020 - 60% of homes that were on the market in May have been listed for at least 30 days without going under contract, up 50% from 2022 - 40% of homes have been on the market for at least two months without going under contract, up 28% from 2022 #### **Our take** Now is a great time for serious homebuyers to get under contract on a house, especially when compared to earlier this year and all of last year. Mortgage rates are at their lowest level in more than four months, thanks to the [latest inflation reports](https://www.readtheblueprint.com/p/latest-inflation-news-relief?utm_source=www.readtheblueprint.com&utm_medium=newsletter&utm_campaign=news-that-homebuyers-will-love-to-hear). Many sellers are having a hard time finding buyers due to the uptick in homes for sale and many listings going stale. This gives buyers a chance to get a good deal and negotiate for other concessions, like home repairs or help with closing costs. Our advice: tell your buyers to start taking action now before the Fed cuts rates in September and more people jump into the market. facebook-letter-logo x-logo linkedin-logo pinterest-logo [Facebook](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fapfreg.com%2Fhomebuyers-gaining-purchasing-power%2F) [X](https://x.com/intent/post?url=https%3A%2F%2Fapfreg.com%2Fhomebuyers-gaining-purchasing-power%2F&text=Homebuyers+gaining+purchasing+power) [Pinterest](https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fapfreg.com%2Fhomebuyers-gaining-purchasing-power%2F) [LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fapfreg.com%2Fhomebuyers-gaining-purchasing-power%2F&title=Homebuyers+gaining+purchasing+power&summary=Homebuyers+have+gained+%2422%2C250+in+purchasing+power+since+mortgage+rates+hit+a+five-month+peak+in+April.+That+astonishing+fact+is+from%C2%A0Redfin%E2%80%99s%C2%A0latest+report.+Here+are+the+other+major+key+points%3A+Mortgage+rates+have+fallen+to+6.85%25%2C+down+from+the+high+of+7.5%25+in+April+New+listings+of+homes+for+sale+are+up+7%25+year+over+year+%5B%E2%80%A6%5D)