Mortgage rates have dropped to their lowest point in over 18 months, and if you’ve been waiting to enter the housing market, now might be the perfect time to make your move.
Even a slight decrease in mortgage rates can make a significant difference in your monthly payments, but the recent drop has been more than just slight. According to Sam Khater, Chief Economist at Freddie Mac, “Mortgage rates have fallen more than half a percent… and are at their lowest level since February 2023.”
To truly understand the impact, let’s break down the numbers. If you’re looking at a $400K home loan, compare the monthly payment (principal and interest) you’d face if you had purchased in April—when mortgage rates peaked this year—with what your payment could look like if you buy now. Here’s the difference at a glance: lower rates, more savings!
