Mortgage Rates Take a Big Dip—What It Means for Buyers and Homeowners
John Brink – March 7, 2025
Spring is here, and there’s some exciting news for Florida’s housing market! Mortgage rates just saw their biggest weekly drop since last September, giving both homebuyers and homeowners something to smile about.
Lower rates mean more opportunities—whether you’re looking to buy or refinance. In fact, mortgage applications have surged by an impressive 44% this week alone!
The Numbers at a Glance
- 30-year fixed mortgage: 6.63% (down from 6.76% last week)
- A year ago: 6.88%
- 15-year fixed mortgage: 5.79% (down from 5.94% last week)
- A year ago: 6.22%
Putting Today’s Rates Into Perspective
It’s easy to get caught up in short-term rate fluctuations, but here’s the bigger picture: mortgage rates have always shifted based on economic conditions, inflation, and Federal Reserve policies. Over the past 50 years, the average 30-year fixed mortgage rate has been 7.74%—which means today’s rate of 6.63% is actually lower than what many past generations faced when buying a home.
This is where the Mortgage Rate Affordability Index™ (MRAI) comes in. It helps buyers see beyond the headlines and focus on long-term financial benefits rather than chasing a mortgage rate that may never return.
Spring is here, and there’s some exciting news for Florida’s housing market! Mortgage rates just saw their biggest weekly drop since last September, giving both homebuyers and homeowners something to smile about.
Lower rates mean more opportunities—whether you’re looking to buy or refinance. In fact, mortgage applications have surged by an impressive 44% this week alone!
Why Homeownership is Still a Smart Move
Instead of getting caught up in interest rates, we encourage our clients to take a wealth-building mindset and focus on these key advantages of owning a home:
✔ Every payment builds equity – Unlike rent, which disappears each month, every mortgage payment helps build home equity, growing your net worth over time.
✔ Home values appreciate – Historically, real estate values increase over time, meaning homeowners gain wealth just by owning, while renters continue paying more as rents rise.
✔ You can always refinance – If rates drop in the future, homeowners can refinance to lower their payments. But waiting too long to buy could mean paying more for the home itself.
The Bottom Line
Our team is helping educate, empower, and guide buyers toward making informed decisions. The focus isn’t on waiting for an ultra-low mortgage rate that may never return—it should be on building wealth through homeownership.
If you’re thinking about buying, selling, or refinancing, let’s talk about your options while rates are trending lower!
John Brink, Broker Owner
1680 Fruitville Rd, STE 308
Sarasota, FL 34236
941.928.5555 / john.brink@srqpr.com
