The home-buying season is extending into the fall, as mortgage rates fall and sellers cut prices, according to a new analysis from the real estate website Zillow. 

“Late summer may be an opportunity for buyers who have been waiting in the wings for a monthly mortgage payment they can qualify for,” Zillow Chief Economist Skylar Olsen said in a statement. 

She said home buyers have more options because lower mortgage rates are making it easier for them to qualify for loans. More inventory is also becoming available, improving their negotiating power.

The average 30-year fixed mortgage rate is currently 6.11% — down 0.11% from a day earlier and the lowest rate since February 2023. The average 15-year mortgage rate is currently 5.62%.

Mortgage rates had been climbing since the Federal Reserve began increasing its benchmark rate in March 2022. It peaked last October at 7.79% for a fixed 30-year.

Zillow said the mortgage rate declines have decreased monthly payments by more than $100 nationwide.

Other factors are also shifting the housing market toward buyers, after two years favoring sellers.

Zillow said homes took longer to sell in August than in July but are still selling faster than before the pandemic. About 1.18 million homes are currently on the market — more than any month since September 2020.

With the Federal Reserve expected to cut rates next week, Zillow anticipates competition among homebuyers increasing this fall.