Assuming a 3.5% down payment and excluding tax and insurance, the typical payment at today’s 6.32% mortgage rate on a median-priced $425,000 home is roughly $2,544 per month. Last week, a median-priced home at a 6.12% mortgage rate would have cost homebuyers $2,491 per month—$53 less than what buyers would pay today.

Rates on 30-year mortgages were flat today after their recent climb, remaining well above last month's sub-6% low point. Rates on most other loan types also held.

The Fed cut interest rates for the first time in four years last month, and most experts predict two more cuts by the end of 2024. Fannie Mae predicts the average mortgage rate will dip to 5.7% by the end of 2025,