$\"How$ \n

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you\u2019ve been on the fence about whether to buy a home or not, it\u2019s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. <\/p>\n

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:<\/p>\n

Even a 0.5% change can have a big impact on your monthly payment.<\/strong> And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.<\/p>\n

What This Means for You<\/strong><\/h4>\nYou may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLS<\/em>, explains<\/a>:<\/p>\n
\u201cIt is typically a fool\u2019s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers\u2019 monthly payments.\u201d<\/em><\/p><\/blockquote>\n
That\u2019s why it\u2019s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today\u2019s volatility. They\u2019ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you\u2019ve been on the fence about whether to buy a home or not, it\u2019s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. The chart below helps show the general relationship […]<\/p>\n","protected":false},"author":1,"featured_media":3799,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-3798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t