Mortgage rates fall to 10‑month low, offering relief for Merced 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 Merced, where the median sale price is $424,292, the recent rate drop translates to hundreds of dollars in savings. The monthly mortgage payment on a home at that price is now $2,915 with a 6.57% mortgage rate, compared to $3,038 back in mid‑May when rates were above 7% – a difference of $123 a month and $44,150 over the lifetime of the mortgage.

Why did rate

See Full Page