{"id":2815,"date":"2022-07-11T12:56:40","date_gmt":"2022-07-11T12:56:40","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2815"},"modified":"2022-07-11T12:56:40","modified_gmt":"2022-07-11T12:56:40","slug":"drop-mortgage-rates-brings-good-news-homebuyers","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/drop-mortgage-rates-brings-good-news-homebuyers\/","title":{"rendered":"The Drop in Mortgage Rates Brings Good News for Homebuyers"},"content":{"rendered":"
\"\"

The Drop in Mortgage Rates Brings Good News for Homebuyers<\/p><\/div>\n

Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac<\/em><\/a> fell by half a percent. The drop happened over concerns about a potential recession<\/a>. And since mortgage rates have risen dramatically this year, homebuyers<\/a> across the country should see this decline as welcome news.<\/p>\n

Freddie Mac<\/em> reports<\/a> that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below<\/em>):<\/p>\n

\"Graph\"

Mortgage Rates Dropped by Half a Percent<\/p><\/div>\n

But why is this recent dip such good news for homebuyers<\/a>? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors <\/em>(NAR), explains<\/a>:<\/p>\n

\u201cAccording to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.<\/strong>\u201d<\/em><\/p><\/blockquote>\n

That\u2019s because when rates go up (as they have for the majority of this year), they impact how much you\u2019ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. The inverse is also true. A decrease in mortgage rates means an increase in your purchasing power. <\/strong><\/p>\n

The chart below shows how a half-point, or even a quarter-point, change in mortgage rates can impact your monthly payment:<\/p>\n

\"Index\"

Buyer’s Purchasing Power<\/p><\/div>\n

Bottom Line<\/strong><\/h3>\n

If your home doesn\u2019t meet your needs, this may be the opportunity you\u2019ve been waiting for. Let\u2019s connect to see how you can benefit from the current drop in mortgage rates.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.<\/em><\/h5>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. Finish Reading The Drop in Mortgage Rates Brings Good News for Homebuyers<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[272,524,196,38,18,445,27,91,57,86,52,49,42,117,116,280,33,228,63,20,48,28,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2815"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2815"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2815\/revisions"}],"predecessor-version":[{"id":2819,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2815\/revisions\/2819"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}