Mortgage Rates Hit Lowest Level in Over a Year and a Half: Is Now Your Time to Buy in Sarasota?

Bev Murray Real Estate

Mortgage rates have just reached their lowest point in more than a year and a half, and if you’ve been holding off on buying a home, now might be the moment you’ve been waiting for.

Even a slight drop in rates can have a meaningful impact on your monthly mortgage payment, but the recent decline is anything but small. As Sam Khater, Chief Economist at Freddie Mac, explains:

"Mortgage rates have fallen more than half a percent... and are at their lowest level since February 2023.

To really understand how much this can affect your bottom line, let’s break down the numbers. If you had purchased a home back in April, when mortgage rates were at their peak for the year, your monthly payment would be significantly higher than it would be now.

Mortgage Rates Hit Lowest Level in Over a Year and a Half: Is Now Your Time to Buy in Sarasota?

Take a $400K home loan as an example. If you had locked in a rate of 7.5% earlier this year, your monthly payment (principal and interest) would be several hundred dollars higher than if you locked in today’s lower rate in the low 6% range. In fact, on a $400K loan, the monthly payment has come down by more than $370—that’s real savings every month.

Bottom Line

With mortgage rates dropping to their lowest level in nearly two years, your buying power has increased, making this a great time to explore your options in Sarasota’s real estate market. If you’ve been waiting for this moment, let’s connect and discuss how you can take advantage of these lower rates and make your move.

1523 Bayshore Rd Nokomis

$3.5M 1523 Bayshore Rd Nokomis FL 34275

5 beds
3 baths
4616 sqft
0.97 acres
1989 year built

One or more photo(s) has been virtually staged. This custom-built, one-owner, four-bedroom, 4,600 square foot home is located above the base flood elevation on a wide one-acre parcel, offering privacy, space, and over 130 linear feet of private water frontage on a wide stretch of the intracoastal waterway. A huge bonus: it is not in a flood zone and sits at 13 ft elevation. There was zero flood/surge damage from Helene or Milton. The home has wonderful curb appeal and is set back from the street with a circular driveway and a brick pathway flanked by a well-stocked koi pond. You enter the two-story foyer which opens up onto a large, light filled living room with soaring 19 ft ceilings, rich wood floors, a wood-burning fireplace with floor to ceiling coral stone surround, and sliders out to the sun-soaked pool deck. There is a formal dining room, a separate family room with wet bar and ice maker, a large kitchen with an adjacent breakfast room, a butler's pantry and an antechamber that is set up to be a wine storage room. The kitchen has a double oven, huge Subzero freezer, separate refrigerator and plenty of countertop space, and a handy passthrough to the family room. There are two bedrooms on the first floor and a bathroom which serves as a pool bath if you don’t want to rinse off in the outdoor shower. In addition to the four bedrooms and office in the main house, there are two additional air-conditioned work/hobby spaces in the garage, which is accessed via a covered walkway. One of the rooms faces north and was used as an art room. The other is sound-proofed and could work well as an office, dark room or gym. The oversized garage has a workbench. The second floor has two sections connected via a walkway overlooking the main living area. To the right is a nice sized bedroom and ensuite bathroom and to the left is the primary suite with a beautiful wood-paneled office with rich wooded cabinetry and a wood burning fireplace. A screened balcony off the bedroom and office offers unparalleled views of the intracoastal waterway and some of the Gulf coast’s finest sunset skies. These wide-open west-facing views are part of what makes this home an incredible opportunity for its new owner. There is a covered screened lanai as well as uncovered outdoor living and dining space. The pool is huge and has a max depth of 8 ft. Enjoy a navigable route out to the main channel. Take this incredible .97-acre waterfront property, make it your own, and enjoy endless sunsets and all that the Florida lifestyle has to offer!