Mortgage Rates Fell to 7.24%, the Lowest This Month. Here Is What It Saves on a Miami Payment
The 30-year average dropped for a second straight week. On a typical Miami-Dade condo or house the monthly savings are real but modest, and rates are still a full point above last year.
Freddie Mac's weekly survey put the 30-year fixed rate at 7.24% on October 29, down from 7.32% last week and the lowest reading this month. It was 7.40% as recently as October 15. The 15-year fixed fell to 6.60% from 6.68%. A year ago the 30-year averaged 6.17%.
What the drop does to a payment
Using MIAMI REALTORS' September medians and 20% down, principal and interest only (taxes, insurance and HOA fees come on top):
- A $417,090 condo (the Miami-Dade condo median): about $2,274 a month at 7.24%, against $2,310 at 7.40%. That is roughly $36 a month, or $436 a year.
- A $692,000 house (the single-family median): about $3,773 a month at 7.24%, against $3,833 at 7.40%, roughly $60 a month.
- Against a year ago at 6.17%, the same house would cost about $393 a month less. That gap is the real affordability story.
My read
Two down weeks is a direction, not a trend yet, and it does not change the math by much on its own. Where it matters is in the negotiation. Condo inventory sits at 12.3 months, so a buyer who is ready can pair a slightly better rate with real leverage on price, closing costs or a seller-paid rate buydown. If you are shopping, get a written quote from a lender this week and ask what it costs to lock. If you are selling, the buyers who were waiting on rates are starting to look again, so price it right before the next wave of listings.
The calculator starts at this week's average. Change the price, down payment and rate.
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