The US 30-year mortgage rate fell to 6.35% in the current week from 6.5% last week. This is according to Freddie Mac. The rate represents the lowest level since October 2024. The low mortgage rate for 2024 reached 6.08%.
The 30 mortgage rate in the US has moved down from a high in mid-January at 7.04%, to the low today of 6.35%.
On a $337,920 mortgage (after 20% down on a $422,400 median existing home sale price), the payment decline in rates represents a $157 per month saving (rate from 7.05% to 6.35%):
At 7.05%, the monthly payment is about $2,260
At 6.35%, the monthly payment is about $2,103
The savings is about $157 per month
Over 30 years, that adds up to roughly $56,500 in savings
It doesn't sound like much but it could open up some doors for some new home buyers.
