Considering a home? Falling mortgage rates may make this the right time to buy.

If you are in the market for a new house, you’ve probably noticed that mortgage rates have been dropping. Falling mortgage rates are generally seen as a boon for homebuyers. Lower rates reduce the cost of borrowing, making homeownership more affordable. For instance, a 1% drop-in mortgage rates can save a buyer thousands of dollars over the life of a loan.

First-time homebuyers in particular stand to benefit. With lower monthly payments, they may now be able to enter the home-buyer’s market that was previously out of their reach.

Impact on Current Homeowners

For current homeowners, falling mortgage rates present an opportunity to upgrade to that new house you’ve been thinking about, or to refinance your existing loan. Refinancing at a lower rate can significantly reduce monthly payments or shorten the loan term, leading to substantial savings over time.

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Getting a mortgage is a big step with plenty of moving parts and decisions to make. We’ll be here to answer your questions and guide you as little or as much as you need. Visit our Home Loans page to learn more.