Mortgage Rates Just Took Their Biggest Drop in Over a Year!
You’ve been waiting what feels like forever for mortgage rates to budge—and last week, they finally did in a big way!
On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year. 🎉
🔎 What Sparked the Drop?
According to Mortgage News Daily, this was a reaction to the August jobs report, which came in weaker-than-expected for the second month in a row. That sent signals across financial markets, and mortgage rates dropped as a result.
Basically, signs of a slowing economy = more certainty for the markets = historically lower mortgage rates. 📉
đź’° Why Buyers Should Pay Attention Now
This drop isn’t just a headline—it’s real savings in your pocket.
At 7% (where rates were in May), your monthly mortgage payment on a typical home was almost $200 more than it would be today. That’s nearly $2,400 in yearly savings! đź’µ
⏳ How Long Will It Last?
That depends on inflation, jobs, and upcoming Fed policy decisions. Rates could keep inching down—or bounce back up slightly.
👉 That’s why it’s so important to stay connected with a trusted Realtor and lender. Together, they’ll watch the market closely and help you take advantage when opportunities arise.
As CNBC’s Diana Olick said:
“Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.”
And that’s exciting news for buyers who’ve been feeling stuck, too!
âś… Bottom Line
This is the shift you’ve been waiting for. Mortgage rates just saw their biggest one-day drop in over a year. If they stay near this level, a home that felt out of reach just months ago may now be possible.
đź“ž Call Krista Klause, your trusted Realtor, to see what today’s rates could save you on your future monthly payment—and to make your next move with confidence.
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