Thinking about buying a house? Now might be a good time to do that.
Higher mortgage rates tend to decrease purchasing power of home buyers. This means that a potential homebuyer may have to consider buying a cheaper home on the same budget that they could afford with a lower mortgage rate.
With a median home price of $416,000, buying a home is much more expensive today than it was a year ago. National Association of Brokers.
And as of August 12, 2022, Freddie Mac guess that home prices are likely to continue to rise slowly through the rest of the summer. The good news is that the housing market is stabilizing, according to the company, which is why it could be a good time to buy.
If you’re thinking about buying a home, use the mortgage calculator below to figure out how much you’ll pay each month. Just enter the mortgage amount, the period in years, and the interest rate.
It’s important to note that this calculator can only give you an estimate of your loan’s payment and does not include additional costs such as insurance, private mortgage insurance (PMI), and taxes. asset.