{"id":3471,"date":"2021-03-30T05:00:40","date_gmt":"2021-03-30T10:00:40","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/"},"modified":"2022-11-16T14:29:32","modified_gmt":"2022-11-16T20:29:32","slug":"how-a-change-in-mortgage-rate-impacts-your-homebuying-budget","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/","title":{"rendered":"How a Change in Mortgage Rate Impacts Your Homebuying Budget"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130507\/20210330-KCM-Share-549x300.jpg?w=358&#038;ssl=1\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"How a Change in Mortgage Rate Impacts Your Homebuying Budget | Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear:both;max-width: 100%\" \/><\/p>\n<p>Mortgage rates are on the <a href=\"https:\/\/www.simplifyingthemarket.com\/2021\/03\/09\/how-upset-should-you-be-about-3-mortgage-rates\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">rise<\/a> this year, but they\u2019re still incredibly low compared to the historic <a href=\"https:\/\/www.simplifyingthemarket.com\/2021\/02\/19\/home-mortgage-rates-by-decade-infographic\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">average<\/a>. However, anytime there\u2019s a change in the mortgage rate, it affects what you can afford to borrow when you\u2019re buying a home. As Sam Khater, <em>Chief Economist<\/em> at <em>Freddie Mac<\/em>, shares:<span id=\"more-44101\"><\/span><\/p>\n<blockquote>\n<p><em>\u201c<strong>Since January, mortgage rates have increased half a percentage point<\/strong> from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power.\u201d (See graph below):<\/em><\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130505\/20210330-MEM-Eng-1.png?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-44103\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130505\/20210330-MEM-Eng-1.png?resize=650%2C488&#038;ssl=1\" alt=\"How a Change in Mortgage Rate Impacts Your Homebuying Budget | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a>When buying a home, it\u2019s important to determine a monthly budget so you can plan for and understand what you can <a href=\"https:\/\/www.simplifyingthemarket.com\/2021\/02\/11\/47-of-new-buyers-surprised-by-how-affordable-homes-are-today\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">afford<\/a>. However, when you need to stick to your budget, even a small increase in the mortgage rate can make a big difference.<\/p>\n<p>According to the <em>National Association of Realtors<\/em> (NAR), today, the median existing-home price is $313,000. Using $300,000 as a simple number close to the median <a href=\"https:\/\/www.simplifyingthemarket.com\/2021\/03\/24\/why-you-should-think-about-listing-prices-like-an-auctions-reserve-price\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">price<\/a>, here\u2019s an example of how a change in mortgage rate impacts your monthly principal and interest payments on a home.<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130503\/20210330-MEM-Eng-2.png?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-44102\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130503\/20210330-MEM-Eng-2.png?resize=650%2C488&#038;ssl=1\" alt=\"How a Change in Mortgage Rate Impacts Your Homebuying Budget | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a>If, for example, you\u2019re getting ready to buy a home and know your budget allows for a monthly payment of $1200-1250 (marked in gray on the table above), every time the mortgage rate <strong><em>increases<\/em><\/strong>, the loan amount has to <strong><em>decrease<\/em><\/strong> to keep your monthly cost in range. This means you may have to look for lower-priced homes as mortgage rates go up if you want to be able to maintain your budget.<\/p>\n<p>In essence, it\u2019s ideal to close on a home loan when mortgage rates are low, so you can afford to borrow more money. This gives you more purchasing power when you buy a home. Mark Fleming, <em>Chief Economist<\/em> at <em>First American<\/em>, <a href=\"https:\/\/blog.firstam.com\/economics\/the-good-the-bad-and-the-maybe-ahead-of-spring-home-buying\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">explains<\/a>:<\/p>\n<blockquote>\n<p><em>\u201cMonthly payments have remained manageable despite soaring home prices because of <strong>low mortgage rates<\/strong>. In fact, monthly payments remain below the $1,250 to $1,260 range that we saw in both fall 2018 and spring 2019, but they are on track to hit that level this spring. <\/em><\/p>\n<p><em>Although they remain low<strong>, mortgage rates have begun to increase and are expected to rise further later in the year<\/strong>, thus affordability will test buyer demand in the months ahead and likely help slow the pace of price growth.\u201d<\/em><\/p>\n<\/blockquote>\n<p>Today\u2019s mortgage rates are still very low, but experts <a href=\"https:\/\/www.simplifyingthemarket.com\/2021\/02\/18\/will-low-mortgage-rates-continue-through-2021\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">project<\/a> they\u2019ll continue to rise modestly this year. As a result, every moment counts for homebuyers who want to secure the lowest mortgage rate they can in order to be able to afford the home of their dreams.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Thanks to low mortgage rates, the spring housing market&#8217;s in bloom for buyers \u2013 but these favorable conditions may not last for long. Let\u2019s connect today to start the homebuying process while your purchasing power is still holding strong.<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates are on the rise this year, but they\u2019re still incredibly low compared to the historic average. However, anytime there\u2019s a change in the mortgage rate, it affects what you can afford to borrow when you\u2019re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: \u201cSince January, mortgage rates have increased [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3472,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-3471","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How a Change in Mortgage Rate Impacts Your Homebuying Budget&#8212;NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How a Change in Mortgage Rate Impacts Your Homebuying Budget&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates are on the rise this year, but they\u2019re still incredibly low compared to the historic average. However, anytime there\u2019s a change in the mortgage rate, it affects what you can afford to borrow when you\u2019re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: \u201cSince January, mortgage rates have increased [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nwiloanguy.com\/blog\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"NWI Loan Guy Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NWIHomeLoans\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/NWIHomeLoans\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T10:00:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-16T20:29:32+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/nwiloanguy.com\/blog\/wp-content\/uploads\/2021\/03\/20210330-KCM-Share-549x300-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"549\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" 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