Monthly House Payments down $290 in 4 months…

Friends & Clients -

Over the past few weeks, Homebuyers (and Sellers) have received the most significant reprieve we've seen in over a year. 

Mortgage interest rates just dropped harder than a kid's ice cream cone on hot pavement. (Too much? I'm going for some entertainment here…)

We're talking about rates falling from 7+% last year to some fairly desirable numbers right now.

They've been so volatile that it's tough to catch them at their “bottom.” They bottomed out last week and bounced back some…

Check out what Mortgage News Daily is showing as of 9/24:

30-year fixed: 6.37%

15-year fixed: 5.89%

30-year FHA: 6.05%

30-year VA: 6.08%

30-year Jumbo: 6.27%

But here's where it gets really juicy - this isn't just about saving a few bucks.

That drop translates to a few hundred less per month on a $500k loan, which is helpful! But the real magic trick? 

A 1% rate drop equals a 10% increase in buying power. Let that sink in for a hot minute.

Your $500k buyer can now flirt with $550k properties. That million-dollar shopper just got upgraded to the $1.1 million club. It's like getting a promotion without asking your boss or doing any extra work.

Here's the thing about rate drops this dramatic - they create what economists love to call "market momentum." 

Buyers who were sitting on the sidelines suddenly get very chatty with their real estate agents. 

Current homeowners start doing math on napkins at dinner tables across the country, calculating whether refinancing makes sense or if they should finally make that move to a bigger place they've been dreaming about.

And here's the kicker - inventory starts moving. That's an incentive for Sellers to get on the market, and motivation for Buyers to get off the fence.

A special note if you, or someone you care about, is having a payment problem with a “temp buydown” rate over the last few years: 

We're aware that some folks financed their homes at the peak with a “temporary buydown” rate, only to have it reset. This can be a shock, especially if your financial situation is less favorable. 

PLEASE reach out to us if you're there. We can give you some guidance toward a resolution. 

Out here helping Buyers and Sellers, 

- Jeremy "rate drop" Larkin

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The Legacy Living Blueprint  -  A Guide to Downsizing with Less Stress

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