Good news for homeowners and house hunters: mortgage rates have just slipped to their lowest level in about a year, offering a small but meaningful window of opportunity in today’s housing market.

According to Freddie Mac, the average rate on a 30-year fixed mortgage dipped to 6.3%, down slightly from 6.34% last week. The 15-year fixed rate, often favored by homeowners looking to refinance, also eased to 5.53%, down from 5.55%.

While the change may seem modest, this shift marks a return to the lowest borrowing costs we’ve seen since early October 2024 and it could be the break many buyers have been waiting for.

“Despite the decline, rates continue to hover within a narrow range as markets remain cautious amid economic uncertainty,” notes Anthony Smith, Senior Economist at Realtor.com.

Mortgage rates continue to follow the broader trends of the 10-year Treasury yield, influenced by Federal Reserve policy decisions, inflation expectations, and investor sentiment.

💡 What It Means for Buyers

If you’ve been sitting on the sidelines waiting for a better rate, this dip could translate into hundreds of dollars in savings per month, or the ability to afford more home for the same payment. With inventory still limited and buyer competition easing, it’s a moment worth watching closely.

💡 What It Means for Sellers

Lower rates often bring renewed buyer activity, which can mean more showings and stronger offers, especially in well-priced segments of the market. Sellers who’ve been hesitant to list may find this a more favorable time to attract qualified buyers.

📊 The Big Picture

Even with this recent improvement, rates remain well above the historic lows of 2021. The housing market continues to adjust, but opportunities still exist for buyers who are financially prepared and sellers who price strategically.

If you’re considering buying, selling, or refinancing, now’s the time to review your options with a knowledgeable real estate professional who can help you navigate this evolving market.

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