If you’ve been watching mortgage rates, waiting for a shift, your moment may have arrived. On Friday, September 5th, the average 30-year fixed mortgage rate dropped to its lowest level since October 2024. Even more notable? It was the biggest one-day decline in more than a year.
What Sparked the Drop?
The change was triggered by the latest jobs report, which came in weaker than expected for the second month in a row. That signaled to financial markets that the economy may be slowing, and in turn, mortgage rates reacted. Historically, as the path of the economy becomes clearer, rates often come down.
What This Means for Buyers
This isn’t just a headline: it could mean meaningful savings for you. Compared to rates back in May (around 7%), today’s lower levels could save you nearly $200 per month on a typical mortgage payment. That’s almost $2,400 a year back in your pocket.
Will Rates Stay Lower?
No one can say for certain. Rates could slip even further or bounce slightly depending on inflation, job market updates, and Fed policy decisions. What matters now is that we’ve broken free from the months-long rut in the high 6% range and that could open new possibilities if you’ve been feeling priced out.
What This Means For You
This shift is good news for buyers. If you’ve been waiting, now is the time to re-run the numbers with your lender. A home that felt out of reach just a few months ago could suddenly fit your budget.
At Tucker Realty Group, we help clients stay ahead of the market with strategies built for the moment. If you’re ready to explore what today’s rates could mean for your future, let’s talk.
KCM Crew. "Mortgage Rates Just Saw Their Biggest Drop In A Year." Keeping Current Matters, 10 September 2025, https://www.keepingcurrentmatters.com/2025/09/10/mortgage-rates-just-saw-their-biggest-drop-in-a-year/. Accessed 14 September 2025.
