Housing Mortgage Rates Rising in Recent Months

As of October 22, 2023, the average interest rate for a 30-year fixed-rate mortgage in the US is 7.63%

What are housing mortgage rates?

A housing mortgage rate is the interest rate that you pay on a loan to buy a home

The interest rate is typically expressed as a percentage of the loan amount

Factors that affect housing mortgage rates

1. Inflation  2. Bond Yields 3. Supply and Demand

How the rise in mortgage rates is impacting homebuyers

The rise in mortgage rates is making it more expensive to buy a home

a borrower who qualified for a $300,000 mortgage at a 6.29% interest rate in October 2022

that same borrower would now qualify for a $275,000 mortgage at a 7.63% interest rate, resulting in a monthly payment of $2,037

Tips for homeowners who are considering refinancing

Only refinance if you can save money on your monthly payments or if you need to change the terms of your loan

Make sure you understand the new terms of your loan before you sign anything

What homebuyers can do to prepare for higher mortgage rates

Go for Down Payments, A larger down payment will reduce your monthly payments

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