Mortgage rates continue to drop, offering home buyers remarkable savings. According to Freddie Mac, the 30-year fixed-rate average fell for the sixth week in a row and hasn’t been this low since 2017.
This decrease in mortgage rates is a good opportunity for home buyers to save on their mortgage payment. Recent data released by Freddie Mac, shows that a borrower can save an average of $1,500. These low rates are also good news for current homeowners. With rates dipping below four percent, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced.
“Looking ahead to next week, we could see rates fall even further based on the decision to hold rates steady combined with guidance that emphasized patience,” said Danielle Hale, chief economist for Realtor.com.
Want to learn more about how this can benefit you during your home search? Check out The Washington Posts’ latest article.
You won’t want to let this opportunity pass by. Are you thinking of buying or even just curious what your mortgage could look like? Contact us today.