Rocket Companies Inc. reports a significant decrease in the typical homebuyer's monthly mortgage payment, which has fallen more than $200 from its peak in May. The median monthly mortgage payment now stands at a seven-month low of $2,631, reflecting a drop of $215 from its previous high of $2,846. This reduction is attributed to mortgage rates reaching a 10-month low of 6.53%, offering buyers increased purchasing power. Despite the anticipation of a Federal Reserve interest rate cut in September, Redfin's head of economics research, Chen Zhao, cautions potential homebuyers against delaying their search, as current mortgage rates have already factored in the expected rate cut. Zhao emphasizes that mortgage rates are unlikely to decrease further following the Fed's decision. The report also highlights a 2.1% year-over-year increase in the median home price, which has reached $396,000, marking the fastest growth since early April.