Mortgage rates fall to 10‑month low, offering relief for El Centro buyers

Mortgage rates fall to 10‑month low, offering relief for El Centro buyers

Redfin Real Estate economists say the recent dip in mortgage rates gives serious house hunters a window of opportunity to lock in a lower monthly housing payment.

The daily average mortgage rate dropped to 6.57% on August 4th – the lowest level in 10 months. That's down from a peak of 7.08% in May, giving buyers some relief after months of higher rates.

In El Centro, where the median sale price is $366,417, the recent rate drop translates to hundreds of dollars in savings. The monthly mortgage payment on a home at that price is now $2,517 with a 6.57% mortgage rate, compared to $2,623 back in mid‑May when rates were above 7% – a difference of $106 a month and $38,128 over the lifetime of the mortgage.

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