Mortgage rates drop to lowest level in 10 months, upping purchasing power in a buyer-friendly market

Seattle--(business wire)--the daily average mortgage rate dropped to 6.57% on august 4, the lowest level in 10 months, according to a new report from redfin, the real estate brokerage powered by rocket. that means a homebuyer on a $3,000 monthly budget has gained roughly $20,000 in purchasing power since may, when the daily average rate hit a recent peak of 7.08%. a buyer on that budget can afford a $458,750 home with today's mortgage rate, compared to the $439,000 home they could have bought w.
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