The drop in mortgage rates is good news! Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news.
Freddie Macreports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):
But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains:
“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.”
That’s because when rates go up (as they have for the majority of this year), they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. The inverse is also true. A decrease in mortgage rates means an increase in your purchasing power.
The chart below shows how a half-point, or even a quarter-point, change in mortgage rates can impact your monthly payment:
Bottom Line
If your home doesn’t meet your needs, this may be the opportunity you’ve been waiting for. Let’s connect to see how you can benefit from the current drop in mortgage rates.
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With over 40 years of experience in real estate, we have made a name in the industry as a trusted real estate company in Florida and the United States.
I'm thrilled to recommend David Worth for anything related to real estate. David really knows his stuff and runs his business with a lot of integrity and care. I've worked with him in several different settings, and he's always been super reliable and trustworthy. Whether you're collaborating on a project or just need solid advice, David is your go-to guy. ...
Daisy Ramirez
★★★★★
I'm thrilled to recommend David Worth for anything related to real estate. David really knows his stuff and runs his business with a lot of integrity and care. I've worked with him in several different settings, and he's always been super reliable and trustworthy. Whether you're collaborating on a project or just need solid advice, David is your go-to guy. He's dedicated, honest, and a real asset wherever he's involved.
Daisy Ramirez
★★★★★
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Page Leindecker
★★★★★
"David Worth of Worth Real Estate is a standout in the industry. His deep market knowledge, meticulous attention to detail, and dedication make him an invaluable partner in any real estate endeavor. Worth Real Estate embodies excellence, making every transaction seamless and successful. Highly recommend David for unparalleled service."
Page Leindecker
★★★★★
David Worth is a dedicated, trustworthy, and caring professional. He truly values his clients and is genuinely committed to their benefit. I have unfortunately worked with a realtor in the past who made it clear the sale, not my best interests, were the priority. I can confidently say you will never have this experience when working with David... I highly ...
Thrive Counseling (Guidance with Garcia)
★★★★★
David Worth is a dedicated, trustworthy, and caring professional. He truly values his clients and is genuinely committed to their benefit. I have unfortunately worked with a realtor in the past who made it clear the sale, not my best interests, were the priority. I can confidently say you will never have this experience when working with David... I highly recommend David and Worth Real Estate Company!
Thrive Counseling (Guidance with Garcia)
★★★★★
I worked with David as a Loan Officer, and he was fantastic to work with throughout the entire process. Was always accessible to keep communication flowing through all parties involved, always involved in the process ensuring his client's best interest and also helping along the process with any knowledge he had to make sure the process was kept smooth for ...
Khayan Martinez
★★★★★
I worked with David as a Loan Officer, and he was fantastic to work with throughout the entire process. Was always accessible to keep communication flowing through all parties involved, always involved in the process ensuring his client's best interest and also helping along the process with any knowledge he had to make sure the process was kept smooth for everyone in the transaction. Definitely looking forward to working with him again, and wouldn't hesitate a second ti recommend him as a realtor to any of my clients.
Khayan Martinez
★★★★★
I had the pleasure of working alongside David in a collaborative effort.
This partnership was a fantastic experience, even though it had MaNy obstacles, we worked together to get this deal done for our clients.
His expertise, communication and teamwork are exceptional.
Xitlali Guerra
★★★★★
I had the pleasure of working alongside David in a collaborative effort.
This partnership was a fantastic experience, even though it had MaNy obstacles, we worked together to get this deal done for our clients.
His expertise, communication and teamwork are exceptional.
Xitlali Guerra
★★★★★
Dave was very knowledgeable about selling with all the steps involved. He went over and beyond to help us with all the special hurdles we had to jump thru on this. No doubt I would use his service again if or when needed.
Thanks Jack
jack dominy
★★★★★
Dave was very knowledgeable about selling with all the steps involved. He went over and beyond to help us with all the special hurdles we had to jump thru on this. No doubt I would use his service again if or when needed.
Thanks Jack
jack dominy
★★★★★
David Worth is not only a real estate agent but a dedicated and caring professional who genuinely wants the best for his clients. He provides an outstanding service and I highly recommend him to anyone looking to buy or sell their home. Thank you David
Karen Chavez
★★★★★
David Worth is not only a real estate agent but a dedicated and caring professional who genuinely wants the best for his clients. He provides an outstanding service and I highly recommend him to anyone looking to buy or sell their home. Thank you David
Karen Chavez
★★★★★
David is a very knowledgeable realtor who exudes care and kindness to everything he does! He is always willing to share his expert information and provide help where he can. If you're looking for a realtor who will work hard for you, he's one of the best!
Kristina Bozanich
★★★★★
David is a very knowledgeable realtor who exudes care and kindness to everything he does! He is always willing to share his expert information and provide help where he can. If you're looking for a realtor who will work hard for you, he's one of the best!
Kristina Bozanich
★★★★★
David at Worth Real Estate Company has been amazing. We hire David as our Property Manager for our home rental and know that we are in great hands. David has gone over and above to make sure that everything has been in order not only for us but also the tenant. I give David and Worth Real Estate Company 5 Star ...
zytrosam
★★★★★
David at Worth Real Estate Company has been amazing. We hire David as our Property Manager for our home rental and know that we are in great hands. David has gone over and above to make sure that everything has been in order not only for us but also the tenant. I give David and Worth Real Estate Company 5 Star and this is my first 5 Star Award.
zytrosam
★★★★★
First ͏ Time Sellers - As first time sellers, we had no idea what to expect. We were so happy David Worth was our realtor. There were unexpected obstacles but David’s expertise and advice made the process smooth. And we got more than our asking price! We highly recommend David Worth for your realtor.
Matt Lewis
★★★★★
First͏ Time Sellers -
As first time sellers, we had no idea what to expect. We were so happy David Worth was our realtor. There were unexpected obstacles but David’s expertise and advice made the process smooth. And we got more than our asking price! We highly recommend David Worth for your realtor.
Matt Lewis
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