Mortgage rates began the third quarter (Q3) near their highest levels of 2015, and are starting the fourth quarter (Q4) near their lowest levels of the year. Specifically, rates are about .375 percent lower now than they were when Q3 began. This .375-percent spread translates to material savings for home buyers: If you were buying a $300,000 home with 20 percent down now versus in early July, the rate dip would save you $51 per month. If you were buying a $1 million home with 20 percent down now versus in early July, the rate dip would save you $169 per month. What a difference a few months makes. Let’s explore why this happened, and where we may go from here. Rate impact of recent economic data and Fed decisions This rate dip has to do with worsening economic expectations. Rates rise on positive economic expectations and fall on negative... Read more →