Facts: The average 30-year fixed mortgage rate from Freddie Mac fell to 6.85% from 6.87% last week. At 6.85%, with a 20% down payment, the monthly mortgage payment is $2,097 for a home priced at $400,000. With a 10% down payment, the typical payment would be $2,359.

Positive: Mortgage rates are easing and are expected to remain in the mid-6 % range. Buyers can plan and search for homes without the uncertainty of fluctuating mortgage rates.

Negative: Although mortgage rates have fallen for five consecutive weeks, mortgage applications have dipped. Housing affordability continues to be challenging due to limited housing inventory.

Neutral: An unusual metric in today’s housing market is that over one-quarter of home buyers have not financed their homes in the last 28 months, opting to pay all cash. These buyers do not necessarily pay attention to mortgage interest rates.