Mortgage rates continued their downward trend this week, with the average 30-year fixed rate slipping to 6.17%, the fourth consecutive weekly decline.

For homebuyers, the lower rate means improved affordability and slightly higher purchasing power. A one-point rate difference can translate to hundreds in monthly savings, encouraging some buyers to re-enter the market after months of hesitation.

For sellers, falling rates could reignite buyer activity and shorten time on market.

Refinancing activity is also expected to tick up as homeowners look to lower payments — though benefits will depend on current rates and loan terms.

At 6.17%, the lowest level in nearly a year, the housing market is showing its first real signs of breathing room.

Curious how today’s lower rates could impact your buying power or your home’s market value? Let’s run the numbers together — even a small shift can make a big difference.