Mortgage rates have been high over the last few years, but it appears that may be changing. With inflation cooling, mortgage rates finally dropped in August to 6.47%, the lowest rate across the prior 15 months.
Although these anticipated interest rate cuts offer prospective buyers hope, there's no guarantee of how low rates will drop and for how long. The current average rate for a 15-year fixed rate mortgage loan is 5.92% while the 30-year fixed rate mortgage stands at 6.53%, and any drop to these rates would make homebuying more affordable.
How low could mortgage rates drop this September?
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