Home Affordability Is Improving: Why It Might Be Time to Revisit Your Move

If you paused your plans to buy or sell a home because of high mortgage rates or prices, now may be the time to take another look. Affordability is improving in 39 of the top 50 markets, according to First American, marking the fifth straight month where buying a home has started to get a little easier. For many buyers here in Bellingham and across Whatcom County, this shift could open new doors.

Monthly Payments Are Coming Down

One of the clearest signs of this change is in monthly payments. Recent data from Redfin shows that mortgage payments on a median-priced home are now $283 lower than they were just a few months ago.

(Redfin data showing drop in median monthly mortgage payments – $283 savings since June)

That savings adds up quickly, totaling nearly $3,400 per year. While that may not completely change the affordability picture overnight, it can make a meaningful difference when you’re putting together your homebuying budget. A few hundred dollars could be the difference between feeling financially comfortable and feeling stretched too thin.

From a home search perspective, this change could also impact your price range. As Redfin explains:

“A borrower with a $3,000 monthly budget can now afford a $468,000 home, about $22,000 more than in June.”

That extra buying power might be just what you need if you haven’t found the right home yet. Whether you’re exploring neighborhoods in Bellingham, Ferndale, Lynden, or Blaine, that added flexibility gives you more room to find the home that fits your needs.

What’s Behind the Shift?

Two main factors are working in buyers’ favor right now:

• Mortgage rates have eased from their highs earlier this year

• Home price growth is slowing in many markets

Both help improve affordability and give buyers a bit of breathing room. As Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology, notes:

“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high...”

Whether you’re a first-time buyer looking to settle in Bellingham or someone ready to upgrade within Whatcom County, these conditions could make your move more achievable than it’s been in years.

Bottom Line

Affordability is improving in many areas, and that resets the math on your move.

If you’ve been sitting on the sidelines waiting for a better time, this could be your cue to start looking again. Connect with a trusted local agent or lender to see how today’s rates and price trends impact your monthly payment. Even a small shift could make the difference between “not yet” and “let’s go.”