The latest market analysis from Rocket Companies Inc. reveals a positive shift for homebuyers, as mortgage rates have recently dropped to their lowest level in nearly a year. This decline follows a softer-than-expected jobs report, providing prospective buyers with increased purchasing power. A homebuyer with a $3,000 monthly budget can now afford a $458,750 home with a 6.55% mortgage rate, gaining roughly $20,000 in purchasing power compared to when rates peaked at 7.08% in May. The report highlights a window of opportunity for serious homebuyers to lock in these favorable rates, though fluctuations may occur with the release of new economic data. Additionally, mortgage-purchase applications have risen by 2% week over week, signaling increased buyer interest. With lower rates potentially attracting more competition, the current market presents a crucial moment for those looking to secure a mortgage.