Mortgage Rates Drop to Lowest in Six Months
Market Update Kathleen Magat August 1, 2024
Market Update Kathleen Magat August 1, 2024
In a promising development for the housing market, mortgage rates have dropped to their lowest levels in six months. The 30-year fixed mortgage rate now averages 6.49%, marking the fifth consecutive day of decline and a significant drop from July's 7.08%. This trend is beneficial for both homebuyers and homeowners looking to buy, sell or refinance, as lower rates reduce monthly payments and increase purchasing power.
Increased Affordability: Lower mortgage rates make home loans more affordable, enabling more people to qualify for mortgages and buy homes.
Boost in Home Sales: With lower rates, potential buyers who were previously priced out may enter the market, increasing demand and driving up home sales.
Refinancing Surge: Homeowners can refinance at lower rates, reducing their monthly payments and freeing up disposable income for other expenditures, which stimulates the broader economy.
Positive Market Sentiment: Declining mortgage rates can boost confidence in the housing market, encouraging investment and stability.
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Kathleen is the top real estate agent in her brokerage. She has built her business building long-term relationships and being a resource for her clients before, during and after the transaction. As a member of the Meta Realty team, she offers her clients almost two decades of real estate experience.
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