Mortgage loan rates drop to lowest rate in four months (rejoice!)
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Mortgage loan rates drop to lowest rate in four months (rejoice!)
August 2025: Mortgage rates have inched down today. According to Zillow, the average 30-year fixed mortgage rate has decreased by three basis points to 6.53%, and the 15-year fixed rate is down two basis points to 5.67%. These are small shifts, but interest rates probably won’t nosedive anytime soon.
Peace be with you
Mortgage loan rates drop to lowest rate in four months (rejoice!)
Actually Lowest Rates of the Year
Mortgage rates plummeted yesterday, making people wonder if the housing market will perk up for the rest of 2024.
Getting a lower rate will be a nice sweetener, but buyers aren’t going to overpay just because their payment went down a couple of bucks. Just the turbulence from the realtor fiasco will force extra caution into the equation.
Who will benefit are the sellers of fresh new listings entering the market.
The current inventory is picked over, and unless those sellers dump on price, they still don’t have much chance of selling, even with lower rates. The remaining buyers have waited this long – they aren’t going to cave now.
Sellers – it’s the time to give it everything you got!
https://www.mortgagenewsdaily.com/markets/mortgage-rates-08022024
Peace be with you
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Mortgage loan rates drop to lowest rate in four months (rejoice!)
From Bankrate.com (edited for clarity):
Rates on long-term mortgages dropped to their lowest level since April, this week.
In addition, fewer people are applying for home loans than at any time since May 2002, according to the Mortgage Bankers Association.
The benchmark 30-year fixed-rate mortgage fell to 6.65 percent, according to the Bankrate.com national survey of large lenders.
One year ago, the mortgage index was 5.91 percent. Four weeks ago, it was 6.91 percent, and it was 6.89 percent two weeks ago.
Good news for loan seekers.
Meanwhile, another interesting piece of news, also courtesy of Bankrate.com:
From April through June, 88 percent of Freddie Mac-owned loans that were refinanced resulted in new loans that were at least 5 percent higher than the old loan balances, according to Freddie. Those people were doing cash-out refinances.
Freddie Mac economist Amy Crews Cutts says a lot of people are using cash-out refinances to pay off the balances of their home equity lines of credit. That can result in lower monthly payments, because the average rate on a credit line is near the prime rate of 8.25 percent.
So, those that can are taking practical steps to reduce their exposure to rising interest rates.
Good to hear. That will protect them.
Three years ago, when we bought, we took out two loans – the first was a 4.65% five-year adjustable rate loan (whoa!), and the second loan was a 4.65% line of credit, that adjusted, monthly.
This time, when we bought, last month, we were much more cautious. Our first loan is a 6.45% fixed-rate loan, and the second loan is a 8.25% fixed-rate loan.
The higher rate on the second loan is kind of annoying, and I was suprised at the high interest rate. However, the advantage is that both loans are now fixed-rate, allowing for better long-term planning.
What, you didn’t want to know this stuff?
More information: Mortgage rates fall to 4-month low – By Holden Lewis, Bankrate.com
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Updated: 2025
