The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.
You might have heard some chatter about how interest rates made a record spike recently.
How a 1/2 Point Interest Rate Change Effects a Monthly Mortgage…I know what you’re probably thinking: that’s not huge. BUT did you know that is approximately a $150 monthly savings on a $600K house? $150 savings would be awesome, right?
8% interest rates are shocking, I get it. I, too, want to be cautious of my budget when buying a house and want to make sure I am not paying more than I have to. But did you know that because of higher interest rates, many buyers have pulled out of the market?
