(WTNH) – One week out from Thanksgiving and there’s some good news as we approach the holidays. Inflation is cooling and that turns into an opportunity for homeowners. We are Stretching Your Dollar with how this can mean saving on your mortgage.

Relief for homebuyers is coming with a drop in mortgage rates. A few weeks ago they were about eight percent and now they are seven point four percent.

The mortgage rates are cooling with inflation. For example, on a $300,000 mortgage, you’d be paying about $2,214 a month at eight percent interest, but with the new rate that monthly cost will drop to $2,077.

Inflation cooling reduces the need for the Fed to hike rates more. Which in turn makes your mortgage cheaper.

The average rate for a 30-year home loan has been declining over the past month and may continue falling, but still, consumers are feeling the strain with a high cost of living and household debts.

To keep your rate as low as possible. experts recommend shopping around and getting your credit score as high as possible.

Analysts predict we could see mortgage rates drop to seven percent in a few months, maybe event six percent by the spring.