$\"Mortgage$ \n

Mortgage rates<\/a> have hit their lowest point in over a year and a half. And that\u2019s big news if you\u2019ve been sitting on the homebuying sidelines waiting for this moment.<\/p>\n

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that\u2019s happened recently isn\u2019t small. As Sam Khater, Chief Economist at Freddie Mac<\/em>, says<\/a>:<\/p>\n

\u201cMortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.\u201d<\/em><\/p><\/blockquote>\n
But if you want to see it to really believe it, here\u2019s how the math shakes out. Take a closer look at the impact on your monthly payment.<\/p>\n
The chart below shows what a monthly payment<\/a> (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year\u2019s mortgage rate high), versus what it could look like if you buy a home now (see below<\/em>):<\/p>\n
$\"No$ <\/a>Going from 7.5%<\/a> just a few months ago to the low 6s has a big impact on your bottom line. In just a few months\u2019 time, the anticipated monthly payment on a $400K loan has come down by over $370. That\u2019s hundreds of dollars less per month.<\/p>\n
Bottom Line<\/h3>\n
With the recent drop in mortgage rates, the purchasing power you have right now is better than it\u2019s been in almost two years. Talk to a local real estate agent<\/a> about your options and how you can make the most of this moment you\u2019ve been waiting for.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
Mortgage rates have hit their lowest point in over a year and a half. And that\u2019s big news if you\u2019ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop […]<\/p>\n","protected":false},"author":1,"featured_media":5067,"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_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}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-5066","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":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/09\/20240917-mortgage-rates-drop-to-lowest-level-in-over-a-year-and-a-half-original.png?fit=750%2C410&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-1jI","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=5066"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/5067"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=5066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=5066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=5066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}