Homeowners looking for a way to cut mortgage costs have been stuck with few options in recent years, thanks to an elevated inflation rate and a higher federal funds rate geared to lower the former. That left mortgage interest rates exponentially higher than they were just a few years ago, at one point hitting their highest level since 2000. But as inflation has steadily cooled from over 9% in June 2022 to just over 3% now, the interest rate climate has adjusted, too.
You can secure a mortgage rate half a percentage point lowerWhile a mortgage rate half a percentage point lower isn't as optimal as a full percentage point, in some cases it still may be worth pursuing, especially if you think that the half-point drop is the best you can get for the foreseeable future. Not only will you save with your monthly mortgage payments, but you'll also save a substantial amount in interest over the loan's lifetime.
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