mortgage rates drop close to 5%
5% Mortgage Rates vs 6% Today: First‑Time Buyers?
A 5% mortgage rate cuts the monthly payment on a $400,000 loan by about $191 compared with a 6% rate. This reduction can free up cash for down-payment savings or home upgrades, making entry into the market more realistic for many first-time buyers. The shift also reshapes debt-to-income calculations,