Financial Update - Interest Rates are Creeping Lower

For anyone considering buying a new home or condo, the time is now to pay closer attention.

Interest rates - or the cost of money - have moved sharply lower in the past few weeks, and may continue to do so. As interest rates fall, the cost of owning a home on a monthly basis gets cheaper.

The ability to buy a home becomes more affordable in most situations. To the extent owning a home is still the American Dream, for millions of first-time buyers that dream may now be in the cards.

Check Out: First Time Home Buyers Can Find Great Mortgage Assistance Grants

Certainly more so than in the past few years as inflation spiked and interest rates jumped to multi-year highs.

Why are interest rates falling:

First, inflation has cooled. This is due, in part, to the fact the economy is slowing. The job market is drying up as government reports on hiring have weakened in recent months.

Just last week, stocks fell here and abroad as tech stocks like Nvidia and Intel came under extreme pressure. Japan had its worst week for equities since 1987. Tensions in the Mideast continue to rattle investors.

The net result: mortgage costs have dropped quickly and steeply. If you have a mortgage broker you have been talking to, now is a good time to reach out to see how much rates have dropped. You may be surprised.