Interest Rates fell to 6.33%

The 30-year fixed-rate mortgage slightly moving downwards from last week's 6.48%, to now at 6.33%

When comparing the current rate with the significantly lower 3.45% a year ago, one can easily conclude that many prospective buyer's purchasing power have dwindled in the process. As an illustration purpose, say a buyer were to purchase a $700,000 house a year ago, with 5% down payment, a yearly property tax and insurance cost of $4,780 and $3,240 respectively; the monthly mortgage payment would have amounted to $3,636 a year ago, versus $4,798 now, a considerable difference of $1,162 per month. Please refer to 2 images below as an aid to the aforementioned scenarios.

That said, it is critical before you start viewing properties to get a monthly mortgage estimate and avoid any surprises when it's time to apply for the mortage loan and come to find out it is higher than anticipated.

Should you need a free mortgage estimate, you can go to https://resource-fl.com/mortgage-financing to use our mortgage calculator or drop us a line.