On a $500,000 loan a 30 yr fixed mortgage at December’s rate of 3.11% would have meant a monthly payment of about $1283.00. Today at 5.54% the monthly payment is $1711. That’s an extra $428.00 per month / $5136 more per year / $154080 more over the life of the loan. Buyers are slowly being priced out of the market and forced to buy lower priced homes.
Info for Home Buyers: interest rates
The Law Office of Beth Mann, P.C. 