A homeowner might save up to $346 per month after today's precipitous rate drop.
Mortgage rates dropped precipitously after an employment report that could point to dark storms on the horizon for the economy.
Rates dropped to a 6.29% average according to Mortgage News Daily, the best levels since October 2024. The 30-year mortgage rate has been substantially higher for most of the past three years. This might give anyone who purchased a home since late 2022 a chance of lowering their payment.
Estimated monthly savings were as high as $346 per month for those who purchased their homes around November 2023.
We took a look at how much someone could save based on today's rates based on when they first purchased their home, going back to September 2022.
Potential Savings Based On Home Purchase Date
| Purchase Date | Average Rate at the Time | Potential Savings if Refi Today |
|---|---|---|
| 9/1/22 | 5.66% | $(142) |
| 10/1/22 | 6.66% | $85 |
| 11/1/22 | 6.95% | $153 |
| 12/1/22 | 6.49% | $46 |
| 1/1/23 | 6.48% | $44 |
| 2/1/23 | 6.09% | $(45) |
| 3/1/23 | 6.65% | $83 |
| 4/1/23 | 6.28% | $(2) |
| 5/1/23 | 6.39% | $23 |
| 6/1/23 | 6.79% | $115 |
| 7/1/23 | 6.81% | $120 |
| 8/1/23 | 6.90% | $141 |
| 9/1/23 | 7.12% | $193 |
| 10/1/23 | 7.49% | $281 |
| 11/1/23 | 7.76% | $346 |
| 12/1/23 | 7.03% | $171 |
| 1/1/24 | 6.62% | $76 |
| 2/1/24 | 6.63% | $78 |
| 3/1/24 | 6.88% | $136 |
| 4/1/24 | 6.82% | $122 |
| 5/1/24 | 7.22% | $216 |
| 6/1/24 | 6.99% | $162 |
| 7/1/24 | 6.95% | $153 |
| 8/1/24 | 6.73% | $101 |
| 9/1/24 | 6.35% | $14 |
| 10/1/24 | 6.12% | $(39) |
| 11/1/24 | 6.79% | $115 |
| 12/1/24 | 6.69% | $92 |
| 1/1/25 | 6.91% | $143 |
| 2/1/25 | 6.89% | $139 |
| 3/1/25 | 6.63% | $78 |
| 4/1/25 | 6.64% | $80 |
| 5/1/25 | 6.76% | $108 |
| 6/1/25 | 6.85% | $129 |
| 7/1/25 | 6.67% | $87 |
| 8/1/25 | 6.63% | $78 |
| 9/1/25 | 6.50% | $48 |
Depending on when a homeowner purchased, savings can be substantial. Rates can go back up at any time, so homeowners should contact a lender if they think they can drop their rate and payment.
