1/14/2024 0 Comments Home loan calc taxes omi ins![]() But as long as things don't get crazy, it should be an option. Stressing "might", refinancing isn't a given. If you buy a house now and rates go down, you might be able to refinance. So, if you buy a house now and rates go up, congrats! You have a lower rate than if you had waited. Although let's hope that last one minds its business. If you want to buy a house now, don't let an internet video stop you from doing so. Trying to time the market, eh? Good luck with that. But rates and prices are high, why would I buy now? If your new price range still includes homes that match your lifestyle requirements, terrific. ![]() If that new price range means homes that don't meet your standards, whether in quality, location, size, whatever, than proceed to Option 2. If your payment budget is x-amount, your price range is lower today than it was pre-covid. People buy homes for all kinds of reasons, least of which is perfect market conditions. That fact is the market is what it is and you have to make a choice.Īs much as we'd like to think we make decisions objectively and with reason, we rarely do. So what to do about it? There are countless TikToks and whatnot out there stoking fear and telling you what to do. Using the 3% to 7.5% rate jump over the last few years, a 30-year, $500,000 loan is $1,388 MORE now than it was in late 2021. Sure, we can shop around to save a fraction here and there, but unfortunately, "rates are rates" is more than a quote I just made up. Of the three factors that go into how much your mortgage payment will be - loan amount, loan term, and interest rate - the interest rate remains the one of which we have the least control. However, neither you nor I nor we can do much about that. If you're buying a house, that is not the most welcome of trends. In just two years, mortgage rates are closer to 7.5%. Using a Mortgage Calculator to Determine the Impact of Rising Mortgage Rates on Your House PaymentĪt the end of 2021, the average 30-year fixed mortgage rate was just above 3%.
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