Breaking News: Mortgage Rates Drop Below 7%!

Great news! After a series of increases, mortgage rates are finally taking a dip. Let’s dive into what this means for you and your home-buying journey.

Current Rates: A Glimmer of Hope

This week, the average rate for a 30-year fixed mortgage fell to 6.94% from last week’s 7.02%, according to Freddie Mac. Just a year ago, the rate was at 6.57%. While we're not quite back to those levels yet, the steady decline is a breath of fresh air for anyone looking to buy a home.

What’s even better? This is the third consecutive week of falling rates!

This recent trend follows a tough five-week period where rates climbed to their highest levels since late November. High mortgage rates can add significant monthly costs for borrowers, making it harder to afford your dream home.

But with rates on the decline, there's renewed hope for better affordability.

15-Year Fixed-Rate Mortgages: Good News for Refinancers

If you’re a homeowner thinking about refinancing, you’re in luck too! The average rate for a 15-year fixed-rate mortgage has also seen a decrease, trimming down to 6.24% from last week’s 6.28%. 

Why It Matters

Lower mortgage rates can make a huge difference in your home-buying budget. Even a small drop can mean saving hundreds of dollars each month.

This could be the perfect time to start house hunting or refinancing your current mortgage to lock in a better rate.

So, whether you’re a first-time buyer or looking to refinance, keep an eye on these rates. They’re moving in a favorable direction, and who knows? Your dream home might just be more affordable than you think.