Rates Fall Again — Refinance Activity Hits Highest Since 2022

According to FOXBusiness, mortgage rates continue to ease — a welcome development for buyers and homeowners considering refinancing.

The latest data from Freddie Mac shows that rates have moved lower again, opening opportunities for those who are ready to take action in today’s housing market.

What Changed

• The average rate for a 30-year fixed mortgage dropped to 6.26%, compared to 6.35% just a week ago.

• One year ago, that same rate stood at 6.09% — slightly lower, but today’s movement is clearly in a positive direction.

• For a 15-year fixed mortgage, rates fell to 5.41%, down from 5.50% last week. A year ago, that figure was 5.15%.

The Refinancing Effect

• Lower rates have sparked a wave of refinancing: applications now make up nearly 60% of mortgage activity, the highest level since January 2022.

• This shows that many homeowners are already seizing the opportunity to lock in more favorable terms.

The Fed’s Role and What’s Next

• The Federal Reserve recently cut its benchmark rate by 25 basis points, marking the first reduction since December 2024.

• Market watchers expect at least two more cuts — potentially in October and December — which could push borrowing costs even lower.

• Still, analysts from Realtor.com and other outlets note that mortgage rates may remain under pressure, depending on broader market conditions and investor expectations.

Why This Matters for You

This shift creates new possibilities, whether you are:

1. Looking to buy a home — lower monthly payments can make ownership more attainable.

2. Considering refinancing — replacing a higher-rate loan with a lower one could generate meaningful savings.

3. Planning long-term finances — reduced housing costs free up room in your budget for other priorities.

Important Considerations

• Rates are lower but still slightly higher than a year ago. Savings depend on your specific loan size and timeline.

• Refinancing comes with closing costs, appraisals, and fees, so it’s important to weigh benefits against expenses.

• Larger economic forces — inflation, Fed policy, housing supply — will continue to influence where rates head next.

We see this as a very promising moment for buyers and homeowners alike. Rates are trending downward, and this is more than a one-time dip — it’s supported by the Fed’s actions and market momentum. That makes now an excellent time to explore your options.

If you’re considering buying a home, investing in real estate, or refinancing your mortgage, reach out to us today. We’ll walk you through the numbers, highlight your opportunities, and create a strategy tailored to your needs.