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Mortgage Rates Drop to Yearly Lows: Boosting Buyer Power Ahead of Potential Federal Rate Cut

August 15, 2024

Mortgage Rates Drop to Yearly Lows: Boosting Buyer Power Ahead of Potential Federal Rate Cut

Mortgage rates have plunged to their lowest level in over a year, driven by an overreaction to a less favorable employment report and recent financial market turbulence. Despite these factors, the economy remains on solid footing. This drop in rates is already boosting the purchasing power of prospective homebuyers, sparking renewed interest in the market. Additionally, the decline has created a significant opportunity for existing homeowners to refinance, with refinance applications making up nearly 42% of the mortgage market—the highest share since March 2022.

Looking ahead, the federal government is set to meet in September, with potential discussions around cutting federal rates. If a rate cut occurs, it could further enhance affordability, making this an opportune moment for those considering buying or refinancing a home.