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  • Writer's pictureKCStark

Breaking News: Mortgage Rates Move Lower

Understanding the Latest Mortgage Rate Trends

Great news, everyone! Mortgage rates have dropped for the third week in a row. This decline is thanks to signs that inflation is cooling off and the market's anticipation of a future Federal Reserve rate cut. As a licensed mortgage broker in Colorado, I’m excited to help you understand what this means and how you can take advantage of these changes.

Image courtesy of Freddie Mac: Source: Freddie Mac

Current Mortgage Rate Averages

Here's a quick look at the latest mortgage rate numbers from the Primary Mortgage Market Survey® as of June 20, 2024:

  • 30-Year Fixed-Rate Mortgage (FRM): 6.87%

  • 1-Week Change: -0.08%

  • 1-Year Change: +0.2%

  • 4-Week Average: 6.96%

  • 52-Week Average: 7.02%

  • 52-Week Range: 6.6% - 7.79%

15-Year Fixed-Rate Mortgage (FRM): 6.13%

While these averages show a small drop, it’s a step in the right direction and could mean big savings for you.

What Does This Mean for Homebuyers?

With mortgage rates dipping and the housing supply gradually improving, this could be a fantastic time to think about buying a home. Lower rates mean lower monthly payments, which can make your dream home more affordable.

The Importance of Shopping Around

Remember, these are just averages. Rates can vary a lot between lenders, so shopping around is key. Comparing offers can save you a ton of money over the life of your loan.

As a licensed mortgage broker in Colorado, I’m here to provide you with the latest market insights and personalized service. Whether you’re a first-time homebuyer or looking to refinance, I’ll guide you through the process and help you make the most of these favorable conditions.

Rate Buy-downs and Concessions: A Winning Strategy

One effective strategy to secure a lower mortgage rate is through rate buydowns and concessions. Here’s how it works:

  • Rate Buy-downs: This involves paying an upfront fee to reduce your mortgage rate for a certain period or the entire term of the loan. It’s a great way to lower your monthly payments from the start.

  • Seller Concessions: In a buyer’s market, you might be able to negotiate with the seller to cover some of your closing costs or even buy down your interest rate. This can significantly reduce your initial expenses and make homeownership more accessible.

Both tactics can be part of a smart financial strategy, helping you get the most favorable terms for your mortgage.

The drop in mortgage rates is a promising sign for anyone looking to buy a home. By staying informed and working with a knowledgeable mortgage broker, you can make the most of these favorable conditions.

Image courtesy of Freddie Mac: Source: Freddie Mac

Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Mortgage rates and loan terms are subject to change based on market conditions and individual qualifications. Please consult with a licensed mortgage professional before making any financial decisions.


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