To truly understand if it's worth waiting for rate cuts to be issued, it's important to first know what a $700,000 mortgage would cost at today's prevailing rates. Here's what it would cost per month, assuming the conventional 20% down payment ($140,000) is made, minus any costs tied to homeowners insurance and taxes:

Applications for mortgages inched up as mortgage rates fell for the sixth week in a row. The 30-year fell to the lowest level since February 2023 ahead of a highly anticipated rate cut by the Federal Reserve next week.

Key Takeaways Rates dropped to 6.29% for the 30-year, fixed-rate mortgage, the lowest rate measured by the Mortgage Brokers Association (MBA) since February 2023.Mortgage rates are down nearly three-quarters of a percentage point since July.