What do rates above 3% really mean?

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money.

Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory. But over the past few weeks, rates have started to rise.

If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can really add up.

Bottom Line: The longer you wait, the more it will cost you.

To put all this into perspective... This graph shows today’s rate in comparison to average rates over the last five decades. Even though today’s rate is above 3%, it’s still incredibly competitive.

Questions? We're always here to help. We know as a buyer that percentages and numbers and all things home buying can be confusing and that's why we're here.

We would love to have a chat with you to see what today's rates mean for you now, compared to what they could look like 6 months from now.

Hokel Real Estate Team | www.hokelrealestateteam.com | 515-981-2113