Mortgage Rates Are Down!

Mortgage rates plunged in the past week following the overreaction to a less than favorable employment report. Last Friday I had a client locked in a 10YR ARM for 5.85%. That's some of the lowest rates we've seen in over a year. This drop in rates is also providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42 percent, the highest since March 2022. Meanwhile, buyers who are still searching for a home should expect to see an increase in purchasing power, possibly bringing even more competition to the market. This is not counting the potential rate cut that could be coming very soon. Throw this in and you could see demand skyrocket!

Below is a general consensus shared by Freddie Mac. Rates might vary based on one's credit score, debt ratio, and many more factors. If you'd like to know more about your specific case to get the most updated and best rates, let me know and I can get you connected quickly to a lender!