Lower rates are helpful for would-be buyers. An analysis from Redfin shows that the typical U.S. monthly payment is $2,556, barely any higher than it was a year ago. Compared to one month ago, when rates hovered around 6.4%, buyers have gained $9,500 in purchasing power, the brokerage reckons.

The rate on a 30-year fixed refinance climbed to 6.27% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.23%. For 20-year mortgage refinances,

Economist Larry Summers said mortgage rates were “considerably more likely to rise than fall” as the federal deficit grows.