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.
Published by BethMannRealEstateLaw
- Illinois Attorney with over 20 years experience. - My law firm concentrates on Real Estate law primarily REO, short sales and transactional closings. - ReoMac preferred attorney - Member of the Illinois Bar, CBA, ISBA and ABA - Juris Doctorate from John Marshall Law School in 1990. View all posts by BethMannRealEstateLaw