What does the drop in mortgage rates mean for buyers and sellers?

I have an urgent mortgage update that will benefit both buyers and sellers—the average 30-year fixed loan dropped from 6.28% in June to 5.05% this month. Let me explain how this will affect your mortgage rates.

If you bought a home in June at a 6.28% interest rate, your mortgage payment would be around $3,088. With interest rates at 5.05% this month, buying a home at the same price means your mortgage payment is at $2,699. If we compare the average of the two mortgage payments in thirty years, you can save around $140,000. That’s an outstanding amount! 

The spike in mortgage rates earlier this year caused millions of Americans to lose their mortgage eligibility. Fortunately, mortgage rates are starting to decrease slightly and we are now regaining access to mortgages. 

Many real estate professionals are cheering for the lowered mortgage rates. It will help both buyers and sellers in today’s market. If you need more details about our current mortgage rates or have any other questions, don’t hesitate to call or email me. I’m here to help!