{"id":560,"date":"2020-03-03T15:52:06","date_gmt":"2020-03-03T15:52:06","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=560"},"modified":"2021-02-23T14:27:20","modified_gmt":"2021-02-23T14:27:20","slug":"interest-rates-can-impact-monthly-housing-payments","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/interest-rates-can-impact-monthly-housing-payments\/","title":{"rendered":"How Interest Rates Can Impact Your Monthly Housing Payments"},"content":{"rendered":"
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How Interest Rates Can Impact Your Monthly Housing Payments.<\/p><\/div>\n

Spring is right around the corner, so flowers are starting to bloom, and many potential homebuyers are getting ready to step into the market. If you\u2019re thinking of buying this season, here\u2019s how mortgage interest rates are working in your favor.<\/p>\n

Freddie Mac<\/em>\u00a0explains<\/a>:<\/p>\n

\u201cIf you\u2019re in the market to buy a home, today\u2019s average mortgage rates are something to celebrate compared to almost any year since 1971\u2026<\/em><\/p>\n

Mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it\u2019s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close \u2014 all to your advantage<\/em>.\u201d<\/p><\/blockquote>\n

To put this in perspective, the following chart from the same article shows how average mortgage rates by decade have impacted the approximate monthly payment of a $200,000 home over time:<\/p>\n

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How average mortgage rates by decade have impacted monthly payment of a home<\/p><\/div>\n

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Clearly, when rates are low \u2013\u00a0like they are today<\/strong>\u00a0\u2013 qualified buyers can benefit significantly over time.<\/p>\n

Keep in mind, if interest rates go up, this can push many potential homebuyers out of the market. The\u00a0National Association of Home Builders\u00a0<\/em>(NAHB)\u00a0notes<\/a>:<\/p>\n

\u201cProspective home buyers are also adversely affected when interest rates rise. NAHB\u2019s priced-out estimates show that, depending on the starting rate, a quarter-point increase in the rate of 3.75% on a 30-year fixed rate mortgage can price over 1.3 million U.S. households out of the market for the median-priced new home.\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

You certainly don\u2019t want to be priced out of the market this year, and waiting may mean a significant change in your potential mortgage payment should rates start to rise. If your financial situation allows, now may be a great time to lock in at a low mortgage rate to benefit greatly over the lifetime of your loan.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

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\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719
\nFax:\u00a0(407) 205-1951
\nemail:\u00a0info@phphouses.com<\/p>\n

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Mortgage Interest Rates Finish Reading How Interest Rates Can Impact Your Monthly Housing Payments<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,111,110,18,91,52,49,42,23,40,116,30,20,24,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/560"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=560"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/560\/revisions"}],"predecessor-version":[{"id":563,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/560\/revisions\/563"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}