[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2n27n2mjhzec5":3,"$ffeh0925h8cuz":47,"$fbwk2pqjjqsc7":51},{"item":4,"previous":35,"next":41},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":33,"updatedAt":34},4457,"mortgage-rates-are-dropping-what-does-that-mean-for-you","Mortgage Rates Are Dropping. What Does That Mean for You?","Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.\r\n\r\nNadia Evangelo...","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F12\u002F16162628\u002Fmortgage-rates-are-dropping-what-does-that-mean-for-you-KCM.jpg","Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have \u003Ca href=\"https:\u002F\u002Fwww.freddiemac.com\u002Fpmms\u002Farchive\">risen dramatically\u003C\u002Fa>. Now they’re dropping, and that has to do with everything happening in the economy.\r\n\r\nNadia Evangelou, Senior Economist and Director of Forecasting at the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR), explains it well by \u003Ca href=\"https:\u002F\u002Ftwitter.com\u002FNAR_Research\u002Fstatus\u002F1603455050390577152\">saying\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>Mortgage rates dropped even further this week as two main factors affecting today's mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike\u003C\u002Fstrong>. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nSo, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purchasing power. Here’s how it works.\r\n\r\nThe median-priced home according to the \u003Cem>National Association of Realtors (NAR) \u003C\u002Fem>is \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fnewsroom\u002Fexisting-home-sales-slumped-5-9-in-october\">$379,100\u003C\u002Fa>. So, let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (\u003Cem>see chart below\u003C\u002Fem>). The red shows payments above that threshold and the green indicates a payment within your target range.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F12\u002F16162626\u002Fbuyers-purchasing-power-MEM.png\">\u003Cimg class=\"aligncenter wp-image-47645\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F12\u002F16162626\u002Fbuyers-purchasing-power-MEM.png\" alt=\"Mortgage Rates Are Dropping. What Does That Mean for You? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nThis goes to show, even a small quarter-point change in mortgage rates can impact your monthly mortgage payment. That’s why it’s important to work with a trusted real estate professional who follows what the experts are projecting for mortgage rates for the days, months, and year ahead.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nMortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense.","\r\nMortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F12\u002F16162626\u002Fbuyers-purchasing-power-MEM.png",false,[17,21,25,29],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},35,"Mortgage Rates","mortgage-rates",{"id":30,"name":31,"slug":32},38,"Move-Up","move-up","2022-12-19T11:00:59Z","2023-02-03T15:33:34Z",{"id":36,"slug":37,"title":38,"featuredImage":39,"publishedAt":40,"contentType":10,"isVideo":15},4454,"2023-housing-market-forecast-infographic","2023 Housing Market Forecast [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F12\u002F15124934\u002F2023-Housing-Market-Forecast-KCM-Share.png","2022-12-16T11:00:55Z",{"id":42,"slug":43,"title":44,"featuredImage":45,"publishedAt":46,"contentType":10,"isVideo":15},4455,"homeowners-still-have-positive-equity-gains-over-the-past-12-months","Homeowners Still Have Positive Equity Gains over the Past 12 Months","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F12\u002F15174818\u002Fhomeowners-still-have-positive-equity-gains-over-the-past-12-months-KCM-1.jpg","2022-12-20T11:00:52Z",{"cover":48,"open":49,"shareSpread":50},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[52,56,57,61,65,69,73,74,78,79,80,84,88,92,96,100,104,108,112,116,120,124,128,132,136,140,144,148,152,156],{"id":53,"name":54,"slug":55},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":58,"name":59,"slug":60},6,"For Sellers","sellers",{"id":62,"name":63,"slug":64},7,"Foreclosures","foreclosures",{"id":66,"name":67,"slug":68},8,"Infographics","infographics",{"id":70,"name":71,"slug":72},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":75,"name":76,"slug":77},34,"Senior Market","senior-market",{"id":26,"name":27,"slug":28},{"id":30,"name":31,"slug":32},{"id":81,"name":82,"slug":83},41,"For Sale by Owner","for-sale-by-owner",{"id":85,"name":86,"slug":87},42,"Featured","featured",{"id":89,"name":90,"slug":91},45,"New Construction","new-construction",{"id":93,"name":94,"slug":95},52,"Luxury \u002F Vacation","luxury--vacation",{"id":97,"name":98,"slug":99},53,"Rent vs. Buy","rent-vs-buy",{"id":101,"name":102,"slug":103},80,"Time-sensitive","time-sensitive",{"id":105,"name":106,"slug":107},81,"Outdated","outdated",{"id":109,"name":110,"slug":111},147,"Internal","internal",{"id":113,"name":114,"slug":115},148,"Do Not Autopost","do-not-autopost",{"id":117,"name":118,"slug":119},320,"Inventory","inventory",{"id":121,"name":122,"slug":123},321,"Agent Value","agent-value",{"id":125,"name":126,"slug":127},322,"Affordability","affordability",{"id":129,"name":130,"slug":131},323,"Buying Tips","buying-tips",{"id":133,"name":134,"slug":135},324,"Downsize","downsize",{"id":137,"name":138,"slug":139},325,"Economy","economy",{"id":141,"name":142,"slug":143},326,"Equity","equity",{"id":145,"name":146,"slug":147},327,"Forecasts","forecasts",{"id":149,"name":150,"slug":151},328,"Selling Tips","selling-tips",{"id":153,"name":154,"slug":155},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":157,"name":158,"slug":159},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]