Facts: The average 30-year fixed mortgage rate from Freddie Mac decreased to 6.63%, down from 6.72% last week. At this rate, with a 20% down payment, the monthly mortgage payment is $2,232 for a home priced at $400,000. With a 10% down payment, the typical payment would be $2,511.

Positive: Last week’s lower mortgage interest rates increased mortgage applications, bringing some buyers off the sidelines. Buyers are in a sweet spot with more housing inventory and slightly better rates. 

Negative: Rates are still entrenched in the mid-6% range. Is the current rate low enough for homeowners to list their homes? Maybe not for all, but for some who have accumulated a tremendous amount of housing equity, they may find the move easier with large downpayments on their next purchase.