Mortgage Market

Average Mortgage Rate Drops

Average Mortgage Rate Drops in Recent Weeks

Good News for Homebuyers! In the past three weeks, Freddie Mac’s average 30-year fixed mortgage rate has seen a welcomed decrease of half a percent, breaking recent trends of increasing rates. Amidst fears of inflation and recession over the course of the past year, the average mortgage rate has fallen to 5.3% from an earlier rate of 5.7%. Experts expect this reprieve will help make homes more affordable, and according to Nadia Evangelou, an expert at the National Association of Realtors, “This translates to about $100 less every month on a mortgage payment.” This means an increase of purchasing power for homebuying consumers, especially Millennials, who comprise a large portion or recent purchases. Are you interesting in learning more about homeownership or mortgages? Here at Jet Direct Mortgage, our priority is to provide you with the best service possible. Be sure to check out our various home loan products. Sources: The Drop in Mortgage Rates Brings Good News for Homebuyers – Keeping Current Matters NAR Research REAL ESTATE Data on Instagram: “Instant Reaction: Mortgage rates. July 7, 2022.”