Mortgage Rates Continue to Fall
Freddie Mac – July 18, 2024

The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week. Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5 percent below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.

Considering Refinancing? Fed Rate Cuts Could Be Your Opportunity!

If you purchased your home from late 2022 until now, upcoming Fed rate reductions might make refinancing more attractive. A predicted 25 basis point cut could happen as soon as the end of the month. Lower your mortgage rate, reduce your term, or tap into your home equity for improvements and investments.

Options with Your Home Equity:

Pay off Student Loans
Consolidate Debt
Home Improvements
Eliminate Mortgage Insurance
Free Up Money to Invest
Buy Another Home

Call or message me today to discuss options.
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Source: Freddie Mac: https://lnkd.in/eZpg3k86