Add to that the possibility of rate cuts and things are looking up for home buyers.

But as Diana Olick tells us, another group likely to benefit from the rate drop our people looking to refinance mortgage rates have come down more than 1/4 of a percentage point in just two weeks.

Now that may not sound like a lot, but it can make a big difference for homeowners and Homebuyers.

The average rate on the 30 year fixed is now solidly in the 3% range, around 3.9%.

But it was up over 5% last fall and in the mid force through much of the all important spring housing market.

There are now about 5.9 million borrowers who could drop their rates by at least 75 basis points through a refinance.

This is an increase of two million people in just the past month, according to Black Knight Ah mortgage software company.

That's the largest population of eligible candidates in nearly three years and represents an aggregate of $1.6 billion in potential monthly savings per borrower.

It's about $271 per month for Homebuyers.

Any savings on that monthly payment is crucial given today's high home prices.

Also, lower rates help more buyers, not just a Ford the loan, but qualify for the loan for nightly business Report I'm Diana Olick in Washington.