30 year mortgage rate hits a major milestone, and here’s exactly what it means for your monthly payment—and your grocery budget.
If you’ve been holding off on buying a home, the numbers just got a little friendlier—but don’t get too comfortable. The average 30 year mortgage rate dipped to 6.69%, the lowest in nearly a month, according to new data from Freddie Mac. For the average buyer, that translates into roughly $80 less per month on a $400,000 loan compared to just three weeks ago. That’s real cash back in your pocket for gasoline, eggs, or insurance. However, experts warn this could be a temporary blip, as inflation data next week could send rates climbing again. The bottom line? If you’re house hunting, today’s rate might be your best shot in a while—but don’t wait past next Thursday to lock it in. Your wallet will thank you.