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If you’ve been following the market, you’ve probably noticed that while home prices haven’t dropped much, affordability has quietly improved. Since early summer, mortgage rates have eased, giving buyers in Snohomish County a little more room in their budgets.
Back in June, the average 30-year fixed rate was around 6.85% — a number that stretched buyers to their limits. Fast-forward to mid-October, and rates are hovering closer to 6.23%, according to Mortgage News Daily.
That drop may seem small, but for a median-priced home in Snohomish County, it adds up to hundreds of dollars every month.
What Falling Rates Mean for a $735,000 Home
Assuming a 5% down payment and a 30-year fixed conventional loan, here’s how monthly principal and interest payments have shifted since June:
| Month | Avg. 30-Year Fixed Rate | Monthly Payment (P&I) | Difference vs June |
|---|---|---|---|
| June | 6.85% | $4,573 | — |
| July | 6.67% | $4,500 | ↓ $73 |
| August | 6.56% | $4,460 | ↓ $113 |
| September | 6.26% | $4,313 | ↓ $260 |
| October | 6.23% | $4,302 | ↓ $271 |
That’s roughly $271 per month in savings compared to early summer — nearly $3,250 a year back in a buyer’s pocket.
Why This Matters in Snohomish County
For many local buyers, affordability determines whether they can move forward with confidence or have to keep waiting. This fall’s rate improvement may be the breathing room some buyers have been waiting for.
Even though home prices have remained steady, lower rates mean more purchasing power. That can be the difference between qualifying for a single-family home in Lynnwood versus a townhome in Mill Creek.
For sellers, it’s a moment to note too. As affordability improves, more buyers return to the market, strengthening demand for homes that are priced and presented well.
What You Can Do Right Now
Buyers: Revisit your pre-approval. Even a half-point rate change can increase your buying power or reduce your monthly payment more than you think.
Sellers: Leverage this moment. Highlight affordability improvements when marketing your home, it helps buyers visualize their opportunity right now.
Homeowners: If you’ve been thinking about moving up or downsizing, this easing in rates could help you make the numbers work.
Final Thought
Affordability isn’t just about the price tag, it’s about your monthly comfort zone. The recent shift in rates is saving buyers hundreds each month and quietly reshaping what’s possible in our local market.
If you’re curious how these numbers impact your next move, I’m happy to walk through your options and local data in detail.
