Mortgage rates continue their downward trend, with the 30-year fixed rate dropping to 6.63% this week—a 0.13% decline from the previous week's 6.76%, according to Freddie Mac. This marks the largest weekly drop since September, offering new hope for homebuyers and homeowners alike.
A Boost for Homebuyers & Refinancers
“The decline in mortgage rates is a game-changer for prospective buyers,” said ReadySetLoan, a leading expert in home financing. “With each drop in rates, purchasing power increases—meaning more buyers can afford homes that may have been just out of reach a few months ago.”
At ReadySetLoan, we’ve seen a surge in mortgage applications as buyers take advantage of improving affordability. Refinance applications are also on the rise, with refinancing now making up 44% of total mortgage applications—the highest level since mid-December.
Market Trends: Rates Are Falling, Demand Is Rising
📉 30-Year Fixed Rate: 6.63%, the lowest since mid-December, down from 6.88% a year ago
🏡 15-Year Fixed Rate: 5.79%, down from 5.94% last week and 6.22% last year
📈 Mortgage Applications: Up 20% last week, following a 0.9% rate drop
What’s Next?
With rates continuing to trend downward, the spring homebuying season is poised for a strong start. ReadySetLoan experts recommend that buyers get pre-approved now to lock in competitive rates before demand increases further.
💡 Looking to buy or refinance? Connect with ReadySetLoan today to explore your best options! 🏡🚀
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