Ted Holmes profile image

By Ted Holmes

A lifelong resident of Chappaqua, Ted began his career as a mortgage loan officer over 20 years ago, eventually co-owning The Asset Center, Inc., a mortgage brokerage firm in Armonk, NY.

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Something big just happened in the housing market, and it could change your next move. Mortgage rates have finally slipped after months of stubborn highs. The average 30-year fixed rate dropped to its lowest point since last October, breaking out of the high 6% range. One of my clients even locked in a rate just under 6% this week. If you’ve been holding off on buying a home, this shift might be the opening you’ve been waiting for.

Why rates are falling. This dip follows a weaker-than-expected August jobs report. Slower job growth signals to the Federal Reserve that it may ease up on rate hikes, which can lead to lower borrowing costs. Whether rates keep sliding will depend on inflation, the job market, and future Fed decisions. While no one can say for sure what happens next, this sudden break from the long-standing trend is a positive sign for buyers.

What this means for homebuyers. Lower mortgage rates don’t just affect affordability; they also influence buyer confidence. When rates climb, many people step back even when they can still qualify. Waiting for rates to drop further can be risky. Prices can rise, competition can increase, or rates could climb again. The key is focusing on the monthly payment you can manage rather than waiting for the absolute lowest interest rate.

“Waiting for rates to drop further can be risky as prices and competition can rise.”

The good news is that many lenders now offer flexible programs, including loan recasting and post-closing rate modifications, that let you adjust your payment later without refinancing. These options give you the ability to buy now and improve your rate if conditions change.

Take the next step. This is the biggest mortgage rate decline in over a year, and it could open the door to a home that fits your budget. Staying informed and working with a trusted local agent can help you act quickly and confidently while this window is open.

I’m ready to walk you through what these changes mean for your situation and help you plan your next move. Call me at (914) 548-6179, email ted.holmes@raveis.com, or visit www.theholmesteamny.com to start a conversation today. Let’s talk about how you can take advantage of these lower rates before the market shifts again.

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