The average rate on a 30-year fixed mortgage has fallen to 6.09%, according to the latest data from Freddie Mac. Meanwhile, a new Redfin report shows that median monthly housing payments have posted their largest decline in four years.

Yahoo Finance Senior Housing Reporter Dani Romero joins Wealth! to break down the news and what it means for homebuyers.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Melanie Riehl