Mortgage rate drops translate to additional buying power for Bay Area house hunters

As rates drop from 6.47% in early August to 6.09% this September, buyers are realizing that their money can go further. The counties where buyers are set to see the largest gains in buying power are those with higher-priced homes, like Santa Clara County and San Mateo County.

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Additional buying power is relative to a buyer who budgeted for the monthly payment on a median-priced home in their county in August. Mortgage rate calculations assume a 30-year fixed-rate mortgage with a 20% down payment.

Chart: Kate TalericoGet the dataCreated with Datawrapper