How Mortgage Rates Affect Your Buying Power

Mortgage rates are currently hovering around 6.7% for a 30-year fixed loan. What does that mean for buyers? A $500,000 loan at 6.7% translates to a monthly payment of about $3,226. If rates were just 1% lower, that same payment could buy you a $550,000 home instead. Even small shifts in interest rates have a big impact. That’s why working with a lender early is crucial to understand your budget.

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