A small break on rates this week, and what it buys you

The government's borrowing cost dropped about 10 basis points today, which usually means mortgage rates edge down too. Today's average rate is 6.5%. On a $500,000 loan, that's about $3,160 a month in principal and interest. A quarter-point drop from here saves you roughly $75 every month, or $27,000 over the life of the loan. Small moves add up.

The Fed meets in four days to decide whether to raise, cut, or hold rates. Markets get jumpy before these meetings, so rates can bounce around. If you're close to buying, now's a decent window. If you're early in your search, let's figure out what you can afford at today's number so you're ready when the right house shows up.

I answer my own phone. If you want to run your budget or lock a rate, call me at (949) 350-8005. Rates shown are informational only, not a commitment to lend, and subject to change. Equal Housing Opportunity. NMLS 2010859.