Declining mortgage rates in August provided some relief for U.S. homebuyers and made it the most affordable month since February. 

Of the 2.5 million “in-the-money“ mortgage holders as of Aug. 22, more than 60% took out their mortgages in the past two years, including 850,000 in 2023 and 560,000 this year. The average highly qualified candidate who took out a mortgage within the past two years could save $264 per month by refinancing at today’s prevailing rate, according to the newest Mortgage Monitor report released Wednesday by Intercontinental Exchange (ICE).

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