Savannah Homebuyers: Mortgage Rates Just Dropped to Their Lowest Level in Nearly a Year

If you’ve been waiting to buy a home in Savannah and hoping mortgage rates would finally budge, we’ve got good news. Last week brought the biggest one-day rate drop we’ve seen in over a year – and that could make owning a home here a lot more affordable.

On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. That single-day drop was the largest in over 12 months, and it’s a shift Savannah homebuyers should pay attention to.

Why Did Rates Finally Move?

According to Mortgage News Daily, this shift was a reaction to the August jobs report, which came in weaker than expected for the second month in a row. That ripple through the financial markets helped bring mortgage rates down.

In plain language: the economy looks like it’s slowing down. And when the direction of the economy becomes more certain, rates often follow by moving lower.

What This Means If You’re Buying a Home in Savannah

This isn’t just about numbers on a chart — it impacts your budget directly.

Take this example: if you compared a 7% mortgage rate (back in May) to where rates are today, your monthly payment could be nearly $200 less per month. That’s about $2,400 a year in savings.

That extra room in your budget might be the difference between stretching too thin or comfortably buying the Savannah home you’ve been dreaming of.

How Long Will This Window Last?

That depends on what happens next with the economy and inflation. Rates could dip a little lower — or bounce back up.

That’s why working with a trusted Savannah real estate team and a local lender is so important. We’ll keep an eye on economic updates, job reports, and Fed announcements so you can make confident decisions about your move.

For now, the most important takeaway is this: mortgage rates just broke out of the rut they’ve been stuck in for months. As CNBC’s Diana Olick put it:

“Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.”

That’s a hopeful sign for anyone looking at homes for sale in Savannah.

Bottom Line for Savannah Buyers and Sellers

If you’ve been waiting for the right time to buy a home in Savannah, this could be your moment.

With rates at their lowest point in nearly a year, the home that felt out of reach just a few months ago might now be within budget.

Want to see what today’s rates would mean for your monthly payment? Let’s connect and put together a plan for your Savannah home search.