How Are Changing Mortgage Rates Affecting You?

The mortgage rates for 30-year loans have been hovering between 6 and 7 percent. If you are on the fence about buying a home, knowing how a .5 percent or 1 percent difference in mortgage rates affects you is essential!

The graph below shows the relationship between mortgage rates and general monthly payments on a home. As you can see from the graph, small changes in mortgage rates can make a big difference in your monthly purchasing power.

However, trying to time buying a house so that mortgage rates benefit you can be difficult. It can also be difficult to predict how mortgage rates might fluctuate over time - - making it even more challenging to assess when might be the most advantageous time for you to buy. 

If you are on the fence about purchasing a home, it is important to talk with a local realtor to go over the best finance options for you. At Dwellhop, we look forward to navigating any home-buying challenge with you.