Mortgage Rates Tumble, Here's What You're Missing!
Great news! Mortgage rates, after a surge last month, are now heading back down toward 7%, sparking a fresh wave of activity for both homebuyers and those looking to refinance.
According to the Mortgage Bankers Association, last week saw a drop in the average contract interest rate for 30-year fixed-rate mortgages, now standing at 7.17% compared to the previous 7.37%.
That's exciting, especially when paired with a decrease in points to 0.60 from 0.64, including the origination fee, for loans with a 20% down payment.
This dip brings rates to their lowest point since August.
Joel Kan, the MBA vice president and deputy chief economist, pointed out that this drop in rates is due to a few positive factors. Slower inflation and anticipation of the Federal Reserve potentially ending its rate hike cycle have contributed to this decline.
Kan also highlighted how this has been the strongest week for refinance applications in two months, marking a consecutive yearly increase for the first time since late 2021.
For anyone eyeing a new home or considering refinancing, this news couldn't come at a better time. These reduced rates might just be the push you need to jump into the market and explore your homeownership dreams!
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