Interest Rates Just Dropped — And They Could Dip Again Soon

If you’ve been watching the headlines (or just feeling the pinch of higher monthly payments), here’s a bit of good news: mortgage rates have ticked down. And there’s a strong chance they could dip even more in the coming weeks.

I want to share both what I’m seeing personally and what one of my trusted mortgage partners told me this week. Just remember — this is anecdotal. Every borrower’s situation is a little different depending on credit, loan type, down payment, and timing.

Here’s what my lender shared with me for current fixed-rate estimates (with 0 points):

• Conventional 15 Year: 5.375%
• Conventional 30 Year: 6.125%*
• FHA 30 Year: 5.500%
• VA 30 Year: 5.625%

(*Still seeing upper 5’s in some scenarios.)

That’s a meaningful shift if you compare it to where things were just a few weeks ago. And the bigger story? There’s over a 94% chance the Federal Reserve will lower the Fed Funds Rate by .25% at their meeting next Wednesday, September 17th. Many analysts are also predicting additional cuts on October 29th and December 10th.

What That Means for You

👉 Monthly Payment Relief

Even a small drop in interest rates can lower your monthly mortgage payment — or give you more buying power if you’re still shopping.

👉 Refinance Watch

If you locked in at a higher rate over the past two years, keep an eye on things. We might finally be heading into a season where refinancing could actually save you money again.

👉 Market Dynamics

Lower rates also tend to bring more buyers back into the market. If you’ve been sitting on the sidelines as a seller, this could be your moment to capture renewed demand.

My Take

We can’t guarantee the Fed’s decisions, but the odds are leaning toward multiple cuts before the year ends. Rates don’t always move in lockstep with the Fed, but historically, mortgage rates follow the trend pretty closely.

So if you’ve been waiting, we may be entering a window where patience pays off — but at the same time, the best opportunities often go to those who act early.

If you want to see how today’s rates would affect your buying power or monthly payment (whether you’re purchasing or refinancing), I’d be glad to run the numbers with you — no pressure, just good information.

📩 Email me back, 📱 text or call me directly to start the conversation.

Grady Carter - (405) 474-2905