In a welcome development for potential home buyers, mortgage rates have seen a significant decrease in recent weeks. This drop comes on the heels of the Federal Reserve’s latest rate cut announcement, signaling potentially more affordable home financing options on the horizon.
The Numbers
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS):
- The 30-year fixed-rate mortgage (FRM) has fallen to 6.09% for the week ending September 18, down from 6.20% the previous week.
- The 15-year FRM has also decreased, now at 5.15%, compared to last week’s 5.27%.
What This Means for You
These declining rates have already sparked a surge in mortgage and refinance applications. If this trend continues, we could see homes becoming more affordable by the end of the year. For potential buyers who have been waiting on the sidelines, this could be the opportunity you’ve been looking for to enter the market.
Looking Ahead
While it’s impossible to predict future market movements with certainty, the current direction is promising for those looking to buy a home. Keep an eye on these trends and stay in touch with your mortgage professional to make the most informed decision about your home purchase.
Remember, even small changes in mortgage rates can have a significant impact on your monthly payments and long-term financial picture. Now might be a great time to explore your options!
Grace Frank is a seasoned real estate professional with over 25 years of experience in listing properties, negotiating challenging situations, and working with buyers. Our expertise is New Construction, Relocation, Existing Home Sales, Farm and Land Sales, Investment Listings, Sustainability, Investor Purchases up to $25M, and Commercial Listings and Sales.
For more information, contact the Grace Frank Group at (423) 355-1538 or email grace@gracefrankgroup.
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