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 that rates can be unpredictable because they’re affected by many factors. Things like the economy, job market, inflation, and decisions made by the Federal Reserve all play a part. So, even as rates go down, they can still bounce around a bit based on new economic data. As Odeta Kushi, Deputy Chief Economist at First American, says: “Barring any unforeseen circumstances and resurgence in inflation, lower mortgage rates could be on the horizon, but the journey towards them might be slow and bumpy.”
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. Take a look at the chart below to see how different mortgage rates impact your house payment each month for various loan amounts. Imagine you can afford a monthly payment of $2,600 for your home loan. The yellow part in the chart shows payments in that range or lower based on varying mortgage rates. Understanding how mortgage rates impact your payment helps you make better decisions.
How Can You Keep Track of the Latest on Rates? Town & Country Realty Brokers have the expertise to help you understand what’s happening and what it means for you. They can connect you with local lenders to learn more about mortgage rates and how rate changes impact your buying power. Together they can help you make sense of the market and guide you through your homebuying or selling journey.
Bottom Line: If you have questions about the housing market and mortgage rate changes, connect with a knowledgeable Town & Country Realty Broker today. Call us at 541-757-1781 in Corvallis or at 541-924-5616 in Albany.
Source: Keeping Current Matters. Disclaimer: The information contained, and the opinions expressed, are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
