Let's talk about building wealth and how your purchasing power is growing in this market. When rates drop, you can buy more house, it's that simple.

Today was great news, The 30-year fixed rate mortgages to 3.55% today (4.51% in August 2018 with 0.5 points) and  15-year rates dropped from 3.98% to 3.03%.

But seeing is believing, 

If you have a $400,000 mortgage (just add your taxes and insurance to this), you will pay...

$2,029.12 Monthly Payment at 4.51% Last Year

verus

$1,807.36 Monthly Payment at 3.55% August 22, 2019

Sam Khater, Freddie Mac’s chief economist, says, “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month.”

“The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity,” he continued. 

FULL ARTICLE HERE - Real Estate Market Strengthens as Mortgage Rates Continue to Drop | Freddie Mac: MCLEAN, Va., Aug. 22, 2019 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey ® (PMMS ® ), showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.55 percent, the lowest it has been since November 2016. https://freddiemac.gcs-web.com/news-releases/news-release-details/real-estate-market-strengthens-mortgage-rates-continue-drop