If you’ve been keeping an eye on the housing market, you may have noticed some good news: mortgage rates recently saw their biggest drop in a year. For Cookeville and Chattanooga buyers, that shift could open the door to homeownership sooner than expected.
What This Means for You
Lower rates can make a big difference in your monthly payment, which means you may be able to:
-Afford more home without stretching your budget. You now qualify for a higher mortgage amount to the tune of $20,000-$30,000.
-Secure a lower payment on the same home you were considering a few weeks ago. In some cases $100-$200 lower than just three weeks ago.
-Enter the market with more confidence knowing you’ll lock in savings over time.
Chart Source: Keeping Current Matters, “Mortgage Rates Just Saw Their Biggest Drop in a Year” (Sept. 10, 2025)
Why Now Could Be the Right Time
At Banner Built, we believe in creating homes that are not only beautiful but also attainable. A change in mortgage rates is more than just a financial headline—it’s an opportunity to find a place that fits your lifestyle while keeping long-term affordability in mind. You can see in the graph below that it’s the BEST time to lock in on a rate in OVER a year!
Source: Freddie Mac, Primary Mortgage Market Survey® (PMMS®). Data shown for illustrative purposes.
Won't rates continue to fall?
Nobody can predict the future. Over the past 10 years, significant drops in interest rates have been followed by rate increases. Therefore it is valuable to lock in the lower rates before they increase again. And if they continue to fall even further (which would be great news!) - you can always refinance and get that newer, lower rate permanently. Additionally -- an even further reduction in rates will likely attract A LOT more buyers into the home market making it more difficult to secure your dream home.
Explore Your Options
Whether you’re a first-time buyer or looking to move into a new chapter of life, this rate shift is worth paying attention to. Our team can connect you with trusted lenders who can walk you through the numbers, so you can see exactly how today’s rates impact your buying power.
Take the next step: Explore our available homes and see how this moment in the market could help you move forward. Don’t miss this amazing opportunity to be a homeowner! Missing this window could mean the difference in being able to make it happen at all!
Book an appointment with our Preferred Lender or one of our friendly New Home Sales Counselors to get the first step started!
