According to Keeping Current Matters, mortgage rates have just dropped to their lowest level in over 18 months! If you’ve been holding off on purchasing a home, this might be the perfect moment to act.
Even a small dip in rates can significantly reduce your monthly payments, but this recent decline is anything but small. Sam Khater, Chief Economist at Freddie Mac, highlights the shift: “Mortgage rates have fallen more than half a percent and are at their lowest level since February 2023.”
Curious about the impact on your wallet? Let’s break down the numbers. Imagine you’re buying a $400,000 home. Back in April, when mortgage rates were at their peak for the year, you’d be facing a hefty monthly payment(see chart below).
Fast forward to today, and with rates now in the low 6s, your monthly payment has dropped by over $370 compared to just a few months ago. That’s hundreds of dollars in savings each month!
Bottom Line
This drop in mortgage rates means you’re now in a stronger position than you’ve been in nearly two years. With improved purchasing power, it’s an ideal time to explore your homebuying options. Reach out Indigo Skye Group to discover how you can take advantage of this favorable market shift.
Don’t miss out on this opportunity to make your homeownership dreams a reality—act now and see how these lower rates can work for you!
Source: Keepingcurrentmatters.com
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