September 2024 Mortgage Rate Update: What’s Happened Over the Last Month and What to Expect Next

Over the past month, we’ve seen some interesting movements in mortgage rates. As anticipated, the rates have slightly decreased, and it’s important to note that the expected 0.25% rate drop has already been factored into the current rates. This means that if you’ve been waiting for rates to drop, some of that reduction is already reflected in what we’re seeing today.

Looking ahead, there’s some buzz around the possibility of the Fed dropping rates by 0.50%. If this happens, we could see an additional 0.25% decrease in mortgage rates. However, it’s crucial to understand that the likelihood of a 0.50% rate drop currently stands at about 33% based on national polls. While it’s a possibility, it’s not a certainty.

What does this mean for you? The current mortgage rates are already quite favorable, and waiting for an uncertain future drop could mean missing out on the excellent opportunities available today. With rates already reflecting a 0.25% drop, now is a great time to consider buying. Taking advantage of the current rates can help you secure a better deal before any potential changes.

At VMA, we are here to help you navigate these changes and find the best possible mortgage solution for your needs. Don’t hesitate to reach out if you have any questions or if you’re ready to take the next step toward homeownership!

Let’s make the most of these favorable rates together!