According to a recent Market Watch article, mortgage rates on the 30-year fixed are hovering near the 6% level. When rates drop and especially when they cross psychological thresholds (in this case “below 6%”), it can unlock a wave of refinancing. The article highlights that about 20% of the U.S. mortgage market currently has rates at 6% or higher, meaning a large group of homeowners may be poised to refinance if rates go down further.
This refinancing wave could stimulate spending, increase home mobility, and create ripple effects throughout the housing, construction, and consumer markets exactly the kind of momentum that can help drive economic growth.
Homeowners refinancing from higher rates free up monthly cash flow, which often gets reinvested into home improvements, furnishings, or new builds. Lower rates also encourage more moves and new construction activity, which creates jobs and boosts confidence.
For builders and contractors, this means renewed demand for materials, crews, and project pipelines. For local economies like Billings and across Montana, it can translate to more transactions, more development, and stronger communities.
In short the drop toward 6% could be the spark that reignites the housing engine, driving growth from dirt to deals.
Thank you for reading stay sharp, keep building, and let’s go win. Levi Wanner
