Impact of Recent Rate Changes on Mortgages and Housing Market
Mortgage rates have dropped from 6.93% to 6.34%, reducing monthly payments on a $700,000 loan from about $4,624 to $4,351, saving roughly $273 per month and nearly $100,000 in interest over 30 years. Refinancing options are also more attractive, with lower rates available for shorter terms, though closing costs should be considered.