If you’re thinking about buying or selling a home, you’ve probably got mortgage rates on your mind. That’s because you’ve likely heard that mortgage rates impact how much you can afford in your monthly mortgage payment. And, you want to factor that into your planning. Here’s what you need to know:
What’s Happening with Mortgage Rates?
Mortgage rates have been trending down recently. While that’s good news for your homebuying plans, it’s important to know rates can be unpredictable. Rates are affected by many factors.
Things like the economy, job market, inflation, and Federal Reserve decisions all play a part. So, even as rates go down, they can still bounce around.
How Do These Changes Affect You?
When mortgage rates change, it affects how much you pay each month for your home loan. Even a small rate change can make a big difference to your monthly bill.
Look at the chart below. See how different mortgage rates impact your house payment each month for various loan amounts.
Understanding how mortgage rates impact your payment helps you make better decisions.
How Can You Keep Track of the Latest on Rates?
I have the expertise to help you understand what’s happening and what it means for you. I can provide tools and visuals to show you how rate changes impact your buying power.