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As of March 17, 2022 Freddie Mac reported the average 30-year fixed mortgage rate stands at 4.16% - that’s the first time it has exceeded 4% since May of 2019, and the rate is almost a full point higher than January 2022.
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That’s a big deal! Here’s why.
A homebuyer who took out a $400,000 mortgage at a 2.65% rate, would’ve gotten a $1,612 monthly payment. At a 4.16% rate, that payment skyrockets to $1,947 per month.
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That’s an additional $335 each month.
Over the course of 30 years, that’s an additional $120,559 tacked onto the price of the home.
AND - this doesn’t even factor in that homes continue to appreciate at record levels, or inflationary pressures. Mortgage rates and home prices are projected to continue rising. As you put off your plans, the money is just flying out of your pockets at record rates.
If you’re even thinking about a move - JUST DO IT - before prices and rates rise higher. Feel free to give a call– we can discuss your particular situation and how to move forward.
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