Mortgage Rates See Biggest Drop in a Year

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. And last week, they did – in a big way.

On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year.

What Sparked the Drop?

According to Mortgage News Daily, this shift came after a weaker-than-expected August jobs report. That report signaled the economy may be slowing down, and financial markets responded by bringing rates lower.

As certainty grows around where the economy is headed, mortgage rates often follow by trending downward.

Why Buyers Should Pay Attention Now

This drop could mean real savings if you’re planning to buy. Even compared to a few months ago, your future monthly payment could be significantly lower with today’s rates.

That savings adds up quickly—potentially thousands of dollars each year.

How Long Will It Last?

That depends on how the economy and inflation progress. Rates could drop further or tick back up slightly.

The key is staying connected with a trusted agent and lender. They’ll help you monitor inflation, jobs reports, and Fed policy to see where things are headed.

For now, the important thing is that mortgage rates have broken out of the high 6% range they’ve been stuck in for months.

Bottom Line

Mortgage rates just saw their biggest decline in over a year. If you’ve been waiting for the right moment to explore buying, this could be the shift you’ve been hoping for.

To connect with me directly, contact me at 917-254-2103. For your FREE Home Evaluation, Homeowner Resource Guide, or Home Buying/Down Payment Assistance Guide, visit this link or text HomeswithJustin to 85377.