Mortgage Rates Just Plunged to Their Lowest Levels in Over a Year

Mortgage rates sank this week, with the average rate for a 30-year fixed home loan going from 6.73% last week to 6.47% for the week ending Aug. 8, according to Freddie Mac.

“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.”

This drop in rates of late is significant enough to translate into “real savings” on a monthly housing payment, according to Realtor.com® Chief Economist Danielle Hale in a recent analysis. However, she notes that “buyer traffic and market competitiveness may amp up if mortgage rates remain low,” adding that “recession worries could limit some of the potential gains.”

In a significant boost for prospective homebuyers, mortgage rates have plummeted to 6.47%, the lowest they’ve been in over a year. This decline marks a shift towards more buyer-friendly conditions in the real estate market, creating new opportunities for those looking to secure a home loan. With rates dropping and market trends favoring buyers, now may be the perfect time to make your move in the housing market. Stay informed and take advantage of this promising window for homeownership.

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