Mortgage interest rates plunged to a 2-year low this week. But will they drop even further this month?
After waiting for years for some relief, homebuyers and homeowners looking to refinance finally got some welcome news this week when the Federal Reserve announced its since 2020. With the frozen for more than a year at a range between 5.25% and 5.50% — the highest in decades — the Fed issued a cut of 50 basis points, which was than many had anticipated. And the market reacted strongly, hitting all-time highs on Thursday.
And that news came after plunged on Wednesday to 6.15%, the they’ve been at in two years, or since September 2022. But as this week’s rate cut reverberates across the market and as lenders start processing this new reality (additional Fed cuts look possible for November and December), homebuyers may have a new series of questions. At the top of the list: Will mortgage interest rates fall further in September? That’s what we’ll break down below.
Start by seeing how low of a mortgage interest rate you could lock in here.Will mortgage interest rates fall further in September?
In short, it’s unlikely that much further in September, even if that doesn’t mean that you should stop to take advantage of minor drops.
