Mortgage Rates Are Dropping in Orange County – Buyers Are Rushing Back
The real estate market is showing signs of renewed momentum as mortgage rates post their largest weekly decline in a year. For the first time in four years, mortgage demand has surged to new highs as buyers rush to lock in lower borrowing costs.
📊 Mortgage Activity Hits a 4-Year High
According to the Mortgage Bankers Association, purchase applications jumped 7% in just one week and are now 23% higher than the same time last year. This surge marks the strongest week of borrower demand since 2022.
Freddie Mac reports that average rates for the week ending Sept. 11 were:
-
30-year fixed-rate mortgages: 6.35% (down from 6.50% the week before)
-
15-year fixed-rate mortgages: 5.50% (down from 5.60% the week before)
While rates remain slightly higher than last year, they’ve eased significantly from earlier this year, giving buyers a much-needed opportunity.
🏡 What It Means for Buyers
For buyers who’ve been waiting on the sidelines, this is the window they’ve been hoping for:
-
Lower monthly payments make homes more affordable.
-
Adjustable-rate mortgages (ARMs) are gaining popularity, offering lower initial rates than the traditional 30-year fixed.
-
Acting early matters—with demand picking up, competition for well-priced homes is likely to increase.
💰 What It Means for Sellers
Sellers can also benefit from this shift:
-
More buyers in the market creates stronger demand for listings.
-
Better offers and competitive bidding may return as affordability improves.
-
Listing now positions your home before the fall market heats up and inventory grows.
🌟 The Bottom Line
After a slower spring and summer, lower mortgage rates could be exactly what the market needs to spark more home sales. With applications climbing, buyer demand rising, and sellers feeling renewed confidence, the next few months may bring exciting opportunities.
📲 Thinking about making a move? Whether you’re buying, selling, or just curious how these shifts impact your plans, let’s talk strategy today.
Categories
Recent Posts
