It’s been awhile. Lots of personal things in life and that got me thinking about change.

And mortgage rates just dropped, and this changes everything.

Rates are now hovering around 6.17%, the lowest level we’ve seen in three years.

And the impact this has on payments and buying power is massive.

Here’s what that actually looks like:

At the start of the year, a $720,000 mortgage meant roughly a $4,800/month payment.

Today, that same loan costs about $475 less every month.

Or, if you keep the same budget, your buying power just jumped by nearly $100,000 going from a $900,000 home to about $1 million.

This is what people mean when they say “rates drive the market.”

A small movement in rates can completely shift what buyers can afford and how competitive they can be.

For buyers, this is your window. Lower rates mean more leverage, less competition (for now), and the ability to finally get into a home that might’ve been out of reach earlier this year. Waiting for rates to drop further could mean missing the moment. Once the market catches up, prices and competition will follow.

For current homeowners, this is an opportunity to re-evaluate your financial position. Whether it’s a refinance to free up cash flow, shorten your loan term, or tap equity for other goals... a drop like this opens new doors to build wealth and stability.

And for agents, this is your time to re-engage your pipeline. Every buyer who pressed pause earlier this year now has more buying power. Every listing conversation just got easier. Use this data to educate your clients, because the professionals who lead with facts win the trust and the business.

Rates are the heartbeat of the housing market and right now, the pulse is quickening.

Less than a 1% drop can mean the difference between waiting and winning.

Don’t wait for “perfect timing.” The best opportunities are the ones you recognize before everyone else does.