You may have heard April 12-18 was the “best week” to list your house. That’s based on a report from Realtor.com. But now that it’s passed, you
MORTGAGE RATES HAVE DROPPED!!!! SEE HOW IT CAN EFFECT YOU!
Dated: September 18 2024
Views: 124
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.
Tina Moretti
My story is simple — but it’s the reason I love what I do.After owning and renovating several homes, I discovered that I have a natural eye for design and the ability to see the hidden pot....
Latest Blog Posts
What if you didn’t have a mortgage payment on your next house? Nearly 3 in 10 homes purchased today are bought in cash, according to the National Association of Realtors
RI AnchorHome Program to Tackle Housing Crisis, Rates at 3.99%December 5, 2025|Consumer Resources, Rhode Island Real Estate NewsRI AnchorHome is structured as a Community Deposit Program
For Buyers, Inventory, Buying TipsHouse Hunting Just Got Easier – Here’s WhyFacebookTwitterPinterestLinkedInIf you’ve been frustrated by the lack of homes for sale over
Massachusetts MLS Property Info Network (MLSPIN) - The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and
IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed. © 2026 State-Wide Multiple Listing Service. All rights reserved.
