MORTGAGE RATES DROP: A GREAT TIME TO BUY

MORTGAGE RATES DROP: A GREAT TIME TO BUY

Homebuyers and homeowners nationwide are seeing a welcome change: mortgage rates have dropped to their lowest point in nearly a year. According to Freddie Mac, the average 30-year fixed-rate mortgage fell to 6.26% for the week ending September 18, down from 6.35% the week before.

While rates are still slightly above last year’s average of 6.09%, this decline is creating opportunities for buyers, sellers, and anyone considering refinancing.

Why This Matters

• Refinancing Opportunities: More homeowners are taking advantage of lower rates — refinancing applications now make up nearly 60% of all mortgage requests, the highest level since January 2022.
• Encouraging Homebuyers: Lower rates may give buyers the confidence to enter the market after months of waiting, potentially boosting home sales in the coming months.

How You Can Benefit

• Refinance Your Mortgage: If you’ve been waiting for the right time to lower your monthly payments, this may be the moment.
• Consider Buying a Home: Buyers can take advantage of increased affordability thanks to lower rates.
• Stay Informed: Keep an eye on market trends to make the most strategic decisions.

Many homeowners are already taking action. Even a modest rate drop can spark renewed interest in buying or refinancing and give you the perfect reason to explore your options.

Even a small drop in mortgage rates can create big opportunities. Whether you’re thinking about buying a home, selling, or refinancing, now is a great time to see what’s possible and make a move.