Mortgage rates have been falling, which is great news for homebuyers and homeowners alike. Below are average mortgage rates as of September 17th:
| Type | Current rate | Last week’s rate | Change |
| 30-year fixed | 6.24% | 6.46% | -0.22% |
| 15-year fixed | 5.47% | 5.66% | -0.19% |
| 5/1 ARM | 5.50% | 5.59% | -0.09% |
| 30-year fixed jumbo | 6.28% | 6.46% | -0.18% |
The average rate for a 30-year fixed mortgage was 7.26% in January. It was 6.52% on August 31st.
PLC Brings You Competitive Rates
At PLC, we work hard to match borrowers with the most competitive mortgage rates. You can see the current rates by clicking on today’s rates. As you’ll notice, the rates we offer often can save you money over average rates.
What Economic Factors Are Pushing Down Rates?
What is causing mortgage rates to drop right now? For answers, we need to discuss the job market and inflation.
Right now, inflation is rising, making goods and services more expensive for consumers as well as businesses.
The job market is struggling, as evidenced by jobs reports in July and August. The unemployment rates reported for those months were 4.2% and 4.3% respectively. Only 22,000 jobs were added during August.
Inflation as well as uncertainties about the future and financial difficulties relating to tariffs are all feeding into the cooling job market. So are current hiring and layoff practices.
When the job market is slowing down, lowering interest rates may sometimes help. This is the reason why you are seeing lower mortgage rates right now.
Why Buy a Home in Florida During this Low Rates Window?
For homebuyers in Florida, the current low rates are an excellent opportunity to save on a new home.
- Spend less on your mortgage every month.
- Have more flexibility in your budget.
- Buy more home than you could afford if you had a higher mortgage rate.
- Stop waiting to buy a home. Start building equity in your home investment.
- Make extra payments toward your home loan, potentially paying it off early to save even more money.
If you buy a home with a fixed rate mortgage, you do not have to worry about whether rates will go up in the future. If they do, you’ll retain the rate you had when you bought your home.
With an adjustable rate mortgage, your rate could increase after the introductory period ends. By then, you may be ready to sell your home. If not, you could refinance.
Benefits of Refinancing at Today’s Mortgage Rates
If you are in a scenario right now where your interest rates are higher than current market rates, it may make sense to refinance.
- Switch to paying lower mortgage rates, saving money each month and over the lifetime of your mortgage.
- Consolidate debts, converting high interest debt into lower interest debt for additional savings.
- Make other adjustments as you see fit to your mortgage terms, or switch from one type of home loan to another.
Mortgage refinancing does have some costs. During your consultation, we can help you figure out whether the money you would save with a refinance would outpace those costs. You can then make an educated decision about whether or not to move forward with the refinance.
Buy a Home or Refinance in FL
PLC is based in Cooper City, and can help you buy a home or refinance anywhere in Florida. To get started, please give us a call at 954-840-8811 to schedule your mortgage consultation. We’ll help you take advantage of competitive mortgage rates by matching you with a suitable home loan.
