Mortgage rates have fallen after reaching an eight-year high in July. The average 30-year fixed rate mortgage is currently at 4.51%, down from 4.56% last week and from 4.86% at the beginning of the month. The 15-year fixed rate mortgage is at 3.97%, down from 4.01%.
The drop in rates may provide relief to potential homebuyers who have been hampered by higher rates, but also presents an opportunity for homeowners looking to refinance their current mortgage. Homeowners with a 30-year mortgage have a unique opportunity to save money on their mortgage payments with today’s low rates, allowing them to pay off their loan faster and build more wealth long-term.