Mortgage Rates Drop to 16-Month Low: What This Means for Homebuyers
Great news for homebuyers! Rates on 30-year mortgages dipped by 8 basis points on Wednesday, bringing the average down to 6.25%—the lowest we've seen in over 16 months. This dip wasn't just limited to the 30-year option; most other new purchase mortgage rates also saw slight decreases. It's a fantastic time to explore your buying options with these more favorable rates on the table!
Mortgage rates can differ significantly from one lender to another, so it pays to shop around and compare your options regularly. Whether you’re looking for a 30-year fixed, a 15-year loan, or any other type of mortgage, taking the time to explore different rates could save you thousands over the life of your loan. Don’t settle for the first rate you see—do your homework and find the best deal that fits your needs!
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