Mortgage rates are falling despite the Federal Reserve's reluctance to introduce new cuts over the past eight months, giving American homebuyers more purchasing power at a time when the market is slowly shifting in their favor.

Last week, the 30-year fixed-rate mortgage—the most popular home loan in the nation—dropped to its lowest level since April. As of August 7, according to Freddie Mac, it was at 6.63 percent, down from 6.72 percent a week earlier but still up 0.16 percentage points from a year earlier.

While mortgage rates remain historically high, especially compared to the pandemic lows of below 3 percent, for homebuyers waiting on the sidelines for a good time to enter the market, any movement away from the 7 percent mark is a positive shift.

Why Have Mortgage Rates Made a Dip?

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