If you’ve been keeping an eye on the housing market, you probably noticed mortgage rates finally dipped to around 6.2%. For a lot of buyers, that’s a breath of fresh air compared to what we’ve been seeing over the past couple of years.

I know—6.2% might not sound “low” if you’ve been around long enough to remember 3% rates during 2020 and 2021. But let’s be real, compared to the 7%+ rates we’ve had more recently, 6.2% feels like the market is giving us a little break.

So, when was the last time rates were this low? You actually have to go back to early 2023. Rates were hovering in the mid-6s back then before inflation and the Fed’s moves pushed them higher again. Since then, it’s felt like buyers and sellers both have been holding their breath, waiting for something to shift.

Why This Matters Right Now

At 6.2%, buyers are seeing a noticeable difference in monthly payments compared to even just a few months ago. For example, on a $300,000 home:

• At 7%, your monthly principal and interest is about $1,996.

• At 6.2%, that same payment drops closer to $1,840.

That’s over $150 a month saved—money that could be going toward groceries, savings, or heck, even your next vacation.

For sellers, this dip is good news too. Lower rates tend to pull more buyers back into the market. When financing feels a little easier, homes tend to move faster.

What to Expect Moving Forward

The big question is, will rates keep dropping? Nobody’s got a crystal ball, but if inflation keeps cooling and the Fed continues easing up, there’s a chance we could see mortgage rates slide a bit more into the high 5s. On the flip side, if the economy heats up again, we might just be bouncing around in the mid-6s for a while.

Either way, 6.2% feels a lot more manageable than where we were. And for buyers who’ve been waiting on the sidelines, this could be the moment to run the numbers again and see if now makes sense to jump in.

Final Thoughts

Here’s the bottom line: mortgage rates at 6.2% are the lowest we’ve seen since early 2023. It’s not the ultra-low pandemic-era rates we all loved, but it’s definitely a step in the right direction.

If you’ve been holding off on buying because rates felt too high, now might be the time to take another look. And if you’re selling, this little dip could mean more eyes on your listing.

I’ll keep watching the market and updating as things change, but for now, 6.2% is a rate worth talking about.