Sep 9 in General discussion
Mortgage Rate Update Sept 9th
With the Fed meeting just a week away on September 17th, they’ve already signaled an upcoming rate cut, leading to a steady decline in mortgage rates over the past two weeks.
The market has already factored in the cut, as reflected in the current mortgage rates shown below. As rates continue to drop, do you think this will trigger a surge in new inventory, or will we see a wave of buyers eager to take advantage of lower borrowing costs?
Conventional - 760+
Rate: 5.99% APR: 6.429%
FHA/VA 660+
Rate: 5.25% APR: 6.527%
FHA/VA 640
Rate: 5.625% APR : 6.527%
(These rates are based on a 500k purchase price, first lien, 30YR fixed, owner occupied, single family home, 3-3.5% down)
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Mortgage Rate Update Sept 9th
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