Mortgage Rates Drop to Lowest Level in over a Year and a Half

by Glen Baker

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:

“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”

But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.

The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):

Going from 7.5% just a few months ago to the low 6s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month.

Bottom Line

With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Talk to a local real estate agent about your options and how you can make the most of this moment you’ve been waiting for.

GET MORE INFORMATION

Name

Phone*

Email*

Message

Morris Agent Team LLC, operating as RE/MAX Select | Morris Agent Team ("us," "we," "our," or the "Company"), respects your privacy and is committed to protecting the personal information you share with us through www.morrisagentteam.com and our related services (the "Services"). This Privacy Policy explains what information we collect, how we use it, how we share it, and the choices available to you.

Information We Collect
We collect information you provide directly to us — such as your name, email address, phone number, and property preferences — when you register, submit a contact or inquiry form, save searches or listings, or otherwise communicate with us. We also automatically collect certain technical information (such as IP address, device type, and usage data) when you use the Services.

How We Use Your Information
We use your information to provide and improve our real estate services, respond to your inquiries, send you the listings and updates you request, communicate with you about properties and transactions, and comply with our legal obligations.

How We Share Your Information — No Sale or Sharing for Third-Party Marketing
We do not sell, rent, or trade your personal information. We do not share your personal information, including your phone number, with any third parties for their own marketing or promotional purposes. Text messaging originator opt-in data and consent will not be shared with any third parties. We may share your information only: (i) with trusted service providers who perform services on our behalf and are contractually obligated to protect it; (ii) with a mortgage partner if you have expressly indicated you wish to receive mortgage services; (iii) when required by law or to protect our legal rights; or (iv) with your consent.

SMS / Text Messaging
If you provide your phone number and opt in (for example, by checking an optional consent box on one of our forms), you agree to receive calls and text messages from Morris Agent Team LLC regarding real estate services, property inquiries, scheduling, and related communications. Consent to receive these messages is not a condition of any purchase. Message frequency may vary. Message and data rates may apply. Carriers are not liable for delayed or undelivered messages. You may opt out of text messages at any time by replying STOP to any message, and you may reply HELP for assistance or contact us at glenbaker@morrisagent.com. Text messaging originator opt-in data and consent will not be shared with any third parties.

Terms and Conditions
We use SMS to confirm appointments, send reminders, and notify clients of schedule updates or important changes.
You can cancel the SMS service at any time. Just text "STOP". After you send the SMS message "STOP" to us, we will send you an SMS message to confirm that you have been unsubscribed. After this, you will no longer receive SMS messages from us. If you want to join again, just sign up as you did the first time, and we will start sending SMS messages to you again.
If you are experiencing issues with the messaging program, you can reply with the keyword "HELP" for more assistance, or you can get help directly at glenbaker@morrisagent.com.
Carriers are not liable for delayed or undelivered messages.
As always, message and data rates may apply for any messages sent to you from us and to us from you. Message frequency may vary. If you have any questions about your text plan or data plan, it is best to contact your wireless provider.
If you have any questions regarding privacy, please read our privacy policy: https://www.morrisagentteam.com/privacy-policy
Cookies
Our Services use cookies and similar technologies to operate the site, remember your preferences, and analyze usage. You can control cookies through your browser settings.

Your Choices
You may update your communication preferences or request deletion of your account by contacting us. Even if you opt out of marketing messages, we may still send you important transactional information.