Check Out This Mortgage Rate Rule Of Thumb

Check Out This Mortgage Rate Rule Of Thumb

What a higher rate means for your bottom line The monthly payment on a $200,000, 30-year fixed-rate mortgage at 3.35% (what it averaged in early May) is $881. When the rate goes up to 4.46% (what it averaged in late June), the monthly payment is $1,009, according to calculations from Trulia’s chief economist, Jed Kolko. Or consider this rule of thumb: For every $100,000 borrowed, a percentage point increase in rate means an additional $83 a month in your monthly mortgage payment, said David Zugheri, executive vice president at Envoy Mortgage in Houston. Is that enough to stop someone from buying a home? Probably not. But it will likely make someone consider to purchase that new home sooner then later, he said. Even a smaller jump can be felt in a borrower’s monthly budget.
If you have questions, give me a call or email. (602) 432-3557 or todd@soldbyjoshua.com


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Dated: July 24th 2013
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