Mortgage Rates Just Saw Their Biggest Drop in a Year
You’ve been waiting for what feels like forever for mortgage rates to finally budge. Last week, they did—and in a big way.
On Friday, September 5th, the average 30-year fixed mortgage rate fell to its lowest point since October 2024. Even better? It was the biggest one-day decline in over a year.
What Sparked the Drop?
The shift came after a weaker-than-expected August jobs report. This was the second month in a row showing signs that the economy may be slowing down.
When that happens, financial markets react—and historically, mortgage rates tend to come down as well.
Why Buyers Should Pay Attention
This isn’t just a headline. This drop translates into real savings for homebuyers.
For example:
At a 7% rate (where rates were back in May), your monthly payment would be higher.
With today’s lower rates, you’d save almost $200 per month—that’s about $2,400 a year.
That extra breathing room could make a home you thought was out of reach more affordable today.
How Long Will It Last?
That depends on what happens next with the economy, inflation, and Fed policy. Rates could dip further—or bounce back slightly.
That’s why it’s smart to stay connected with a trusted agent and lender. They’ll help you track the market and act when opportunities arise.
Bottom Line
This is the shift you’ve been waiting for.
Mortgage rates just saw their biggest drop in over a year. If you’ve been on the sidelines, this could be the opening that makes your homeownership goals possible again.
Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.