Forget Mortgage Rates: This Is Way More Important to Home Buyers

The average mortgage rate for a 30-year loan is currently 6.47%, an improvement from over 7.2% in May, but still not competitive compared to rates below 3% a few years ago. Buyers should focus more on home prices than mortgage rates, as refinancing is always an option when rates drop. The Federal Reserve is expected to lower its benchmark interest rate, which may lead to falling mortgage rates and increased housing inventory. It's crucial to ensure that housing costs remain at or below 30% of take-home pay before purchasing a home.