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📉 Mortgage rates have fallen for the fourth consecutive week, reaching their lowest point in over a year. According to Freddie Mac, the average rate on a 30-year fixed mortgage is now 6.17%, down from 6.19% last week and significantly lower than the 6.72% average during the same period in 2024.
This drop follows the Federal Reserve’s second interest rate cut of the year, bringing the federal funds rate down to a range of 3.75% to 4%—the lowest in nearly three years. The move comes amid economic uncertainty, including a prolonged government shutdown and widespread layoffs.
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🏡 What This Means for the Housing Market
1. More Buyers Entering the Market
Lower mortgage rates mean lower monthly payments, making homeownership more accessible. Buyers who were previously priced out may now find opportunities to re-enter the market.
2. Refinancing Surge
Homeowners with higher-rate mortgages may consider refinancing to take advantage of the lower rates, potentially saving hundreds per month.
3. Stable Prices and Growing Inventory
Despite economic headwinds, home prices remain stable, and inventory is growing. This creates a more balanced market where buyers can take their time and negotiate favorable terms.
4. A Window of Opportunity
With rates down 87 basis points from their January peak, now may be the ideal time for buyers to act before rates potentially rise again. Fed Chair Jerome Powell cautioned that another rate cut in December is “not a foregone conclusion,” and the 10-year Treasury yield has already ticked upward in response.
💳 Credit Scores Still Matter
While market rates are falling, the rate you personally qualify for depends on your financial profile. Lenders consider:
• Credit score
• Loan amount
• Property type
• Down payment
• Loan term
Generally, a credit score of 740 or higher will help you secure the best rates. FHA loans may be available to those with scores as low as 500, but terms will vary.
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🚨 Act Now Before Rates Rise Again!
Mortgage rates are at their lowest in over a year—but this window may not last. With uncertainty around future Fed decisions and Treasury yields already climbing, now is the time to make your move.
📞 Call me today to discuss your buying or selling goals.
📅 Schedule a consultation to explore your options before the market shifts.
🦋Jane Kane
Real Estate Sales Executive
Coldwell Banker Realty
Direct: (714) 425-8500
Office: (949) 552-2000
License:01001623CA
jane.kane@cbrealty.com
Website: https://janekanerealestate.sites.cbmoxi.com
💬 Let’s get you pre-approved and ready to take advantage of these historic rates.
