Great news for homebuyers!

Mortgage rates have plummeted to their lowest point in over a year and a half, making this an exciting time for anyone who has been waiting on the sidelines to dive into the housing market.

This recent decline is more than just a small dip; it represents a significant opportunity for potential homeowners. As Sam Khater, Chief Economist at Freddie Mac, notes, “Mortgage rates have fallen more than half a percent... and are at their lowest level since February 2023.”

The Impact on Your Monthly Payments
To truly understand the benefits of this rate drop, let’s look at the numbers. Consider a $400,000 home loan. If you had purchased a home back in April when mortgage rates were around 7.5%, your monthly payment would have been considerably higher. Fast forward to today, with rates now in the low 6% range, and you could see your monthly payment decrease by over $370! That’s hundreds of dollars saved each month that could be put towards other financial goals or home improvements.

Bottom Line
With mortgage rates at their lowest in nearly two years, your purchasing power is stronger than ever. Now is the perfect time to connect with a local real estate agent to explore your options and make the most of this golden opportunity in the housing market. Don’t wait—your dream home may be just around the corner!

If you’re thinking about buying or selling a home in the Virginia Beach area, don’t hesitate to reach out! We’re here to help you every step of the way! 🤝✨

📱: text/call me at 757-703-1590
📧: megan@lukerativegroup.com

Megan Luker is a licensed Realtor in the Commonwealth of VA at ΓEA⅃ Broker, LLC. 757 703 1590 (direct), 855 450 0442 (office), 1765 Greensboro Station Place, 900 McLean, VA 22102