Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Rates Drop to Lowest Level in over a Year and a Half

Mike Doyle September 18, 2024

Mortgage Rates Drop to Lowest Level in over a Year and a Half




Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Macsays:

“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”

But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.

The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):

No Caption ReceivedGoing from 7.5% just a few months ago to the low 6s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month.

Bottom Line

With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Let’s talk about your options and how you can make the most of this moment you’ve been waiting for.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Don’t Miss This Prime Spring Window To Sell Your House

According to Realtor.com, the best week to list your house this year was April 13–19. And since that week has come and gone, you might be wondering: did I miss my chan… Read more

Why stock market turmoil is bad for California home prices

Beyond the economic hints the stock market offers, there's also the "wealth effect."

See where Orange County’s largest rent hikes are in 2025

Rents in Huntington Beach, Brea rose 2.5% in early 2025

Orange County Is One of the Best Places to Live: A Look at Lake Forest, Mission Viejo, Huntington Beach, Newport Beach, and More

Orange County, California, is known for its stunning coastal views, top-rated schools, thriving job market, and unbeatable lifestyle. Whether you’re looking for a fami… Read more

Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again

Last year, 70% of buyers abandoned their home search – and maybe you were one of them. It makes sense. Inventory was low, prices were high, and mortgage rates were up … Read more

4 Things To Expect from the Spring Housing Market

Spring is in full swing, and the housing market is picking up along with it.

Rising Inventory Means This Spring Could Be Your Moment

Want to know two reasons this spring might finally be your time to buy? Inventory has grown and sellers may be more willing to negotiate as a result. That means you’ve… Read more

Should I Buy a Home Right Now? Experts Say Prices Are Only Going Up

At one point or another, you’ve probably heard someone say, “Yesterday was the best time to buy a home, but the next best time is today.”

How To Buy a Home Without Waiting for Lower Rates

Many people are hoping mortgage rates will come down before they buy a home. But will that actually happen? According to the latest forecasts, experts say rates will d… Read more

Let's Connect

For expert real estate services, reach out to Mike Doyle. Whether you're buying, selling, or renting, navigate the process with confidence. Contact him today to ensure a smooth and informed real estate journey.