Mortgage Rates Today Just Hit a 6-Week Low as Spring Buying…

Mortgage rates today dropped to their lowest level in six weeks, giving spring homebuyers something they haven't had much of lately: a small break. The average 30-year fixed-rate mortgage fell to 6.67% this week, down from 6.82% a week ago, according to the latest survey from Freddie Mac. That's the biggest one-week decline since December. The 15-year fixed rate slipped to 5.89%, and even jumbo loans — those above the conforming limit of $806,500 in most markets — are now averaging 6.91%. For anyone who's been sitting on the sidelines waiting for rates to "come down," this is the kind of week that gets the phone ringing again. **What's driving the drop** Two things, mainly. First, the bond market rallied after this month's jobs report came in softer than expected, with wage growth cooling and unemployment ticking up slightly. Mortgage rates track the 10-year Treasury yield closely, and when bond investors get nervous about a slowing economy, yields fall — dragging mortgage rates down with them. Second, the Federal Reserve held rates steady at its last meeting but signaled it's still eyeing two cuts later this year. The Fed doesn't set mortgage rates directly, but its tone moves the market. Traders are now pricing in a better-than-even chance of a cut by September, and that expectation alone has pushed mortgage rates lower. **What it means for your wallet** Here's the math that actually matters. On a $400,000 loan, the difference between 6.82% and 6.67% is about $40 a month — roughly $14,000 over the life of a 30-year loan. Not life-changing, but real money. More importantly, the gap between today's rates and the 7.5% peak we saw last fall is now more than 0.8 percentage points. That's the difference between a $2,800 monthly payment and a $2,610 one on that same $400,000 loan. If you were priced out six months ago, run the numbers again. **Should you refinance?** If your current rate is 7.25% or higher and you bought or refinanced in the past two years, it's worth a call. The old rule of thumb was to refinance when you could shave at least 1 percentage point off your rate. But with closing costs ranging from 2% to 5% of the loan amount, many lenders now say a 0.75% drop is enough to break even within two to three years — assuming you plan to stay put that long. Just don't expect a flood of refis like 2020 and 2021. Roughly 70% of outstanding mortgages still carry rates below 5%, according to industry data. Most of those homeowners have no reason to move. **The smart move right now** Don't try to time the bottom. Nobody knows where rates go next — they could fall another half point by fall, or they could bounce right back up if inflation proves stubborn. What you can control is getting pre-approved now so you're ready to move fast, shopping at least three lenders (credit unions and online brokers often beat big banks), and asking about buying down your rate with points if you plan to stay long-term. One more tip: ask about "seller concessions." In a market with more inventory than last year, some sellers are willing to cover a point or two of your closing costs to get the deal done. That's free money most buyers never ask for. **Our take** This rate dip is a window, not a trend — and windows close. If you've been waiting for a sign, a six-week low with more Fed cuts possibly on the horizon is about as good as it gets this spring. The buyers who win in this market aren't the ones who predict the perfect rate. They're the ones who get their paperwork ready and pounce when the number works for them.