Mortgage Interest Rates Going Down! December 6, 2023

It has been a “hot minute” since we have been able to celebrate a lengthy run down for mortgage interest rates.  Yesterday rates were officially the lowest they have been since July 2023.  Many lenders are quoting 6.75% for a 30 year fixed rate mortgage.  After hitting a high of 8.25% in October, that is a significant difference!

So how much does 1.5% lower in interest rate mean for a borrower’s monthly payment?  Let’s say someone borrows $250,000.  At 8.25% that would be a principal and interest payment of $1,878/month.  At 6.75% that drops to $1,621.  A difference of $257 per month!  That is significant for anyone’s budget.

So three cheers for mortgage rates!  Let’s hope for more of the same!