Live in the Payment not the Price
When interest rates are raised or lowered, mortgage rates take a similar hit. Purchasing or refinancing your home when rates are low can help you lock in a more affordable monthly mortgage payment. Because you’re committing to this payment for 15-30 years, you’ll want to be aware of what rates look like at the time you take out your mortgage.
This resource offers a few different scenarios to demonstrate the extent of how rates affect your payment. We break down what you would pay at rates ranging from three to 4.5 percent for 15 and 30-year fixed-rate terms. There are two price points for each scenario — the U.S. median price of $300,000, and $450,000. We also examine the difference between a 5% and 20% down payment.
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