{"id":5280,"date":"2024-01-08T05:30:00","date_gmt":"2024-01-08T11:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/what-lower-mortgage-rates-mean-for-your-purchasing-power\/"},"modified":"2024-01-18T20:56:32","modified_gmt":"2024-01-19T02:56:32","slug":"what-lower-mortgage-rates-mean-for-your-purchasing-power","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/what-lower-mortgage-rates-mean-for-your-purchasing-power\/","title":{"rendered":"What Lower Mortgage Rates Mean for Your Purchasing Power"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240104\/20240108-What-Lower-Mortgage-Rates-Mean-for-Your-Purchasing-Power.png?w=358&#038;ssl=1\" alt=\"What Lower Mortgage Rates Mean for Your Purchasing Power Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear: both;max-width: 100%\" \/><\/p>\n<p>If you want to <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/11\/23\/why-homeowners-are-thankful-they-own\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home<\/a>, it&#8217;s important to know how <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/12\/20\/why-mortgage-rates-could-continue-to-decline\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates<\/a> impact what you can afford and how much you\u2019ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to <em>Freddie Mac<\/em> (<em>see graph below<\/em>):<\/p>\n<p>&nbsp;<a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240104\/20240108-Mortgage-Rates-Fall-Below-Seven-Percent.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240104\/20240108-Mortgage-Rates-Fall-Below-Seven-Percent.png?ssl=1\"><\/a><\/p>\n<p><\/p>\n<p>This recent trend is great news for <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/12\/15\/what-you-need-to-know-about-down-payments-infographic\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">buyers<\/a>. As a recent article from <em>Bankrate<\/em> <a href=\"https:\/\/www.bankrate.com\/mortgages\/analysis\/\" rel=\"noopener noreferrer\" target=\"_blank\">says<\/a>:<\/p>\n<blockquote><p><em>\u201cThe rate cool-off somewhat eases the housing affordability squeeze.\u201d<\/em><\/p><\/blockquote>\n<p>And <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/12\/21\/mortgage-application-payments-increased-2.0-percent-to-2-199-in-october\" rel=\"noopener noreferrer\" target=\"_blank\">according<\/a> to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the <em>Mortgage Bankers Association<\/em> (MBA):<\/p>\n<blockquote><p><em>\u201cMBA expects that affordability conditions will continue to improve as mortgage rates decline . . .\u201d<\/em><\/p><\/blockquote>\n<p>Here\u2019s a bit more context on how this could help with your plans to <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/12\/12\/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home<\/a>.<\/p>\n<h4><strong>How Mortgage Rates Affect Your Search for a Home<\/strong><\/h4>\n<p>Understanding the connection between mortgage rates and your monthly home payment is crucial for your plans to <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/12\/11\/the-perfect-home-could-be-the-one-you-perfect-after-buying\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">become a homeowner<\/a>. The chart below illustrates how your ability to afford a home changes when mortgage rates shift. Imagine your budget allows for a monthly payment between $2,400 and $2,500. The green part in the chart shows payments in that range or lower (<em>see chart below<\/em>):<\/p>\n<p>&nbsp;<a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240104\/20240108-Buyers-Purchasing-Power.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240104\/20240108-Buyers-Purchasing-Power.png?ssl=1\"><\/a><\/p>\n<p><\/p>\n<p>As you can see, even small changes in rates can affect your budget and the loan amount you can afford.<\/p>\n<h4><strong>Get Help from Reliable Experts To Understand Your Budget and Plan Ahead<\/strong><\/h4>\n<p>When you&#8217;re looking to <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/11\/30\/is-owning-a-home-still-the-american-dream-for-younger-buyers\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home<\/a>, it&#8217;s important to get guidance from a local real estate agent and a trusted lender. They can help you explore different mortgage options, understand what makes mortgage rates go up or down, and how those changes impact you.<\/p>\n<p>By looking at the numbers and the latest data together, then adjusting your strategy based on today&#8217;s rates, you&#8217;ll be better prepared and ready to buy a home.<\/p>\n<h3>Bottom Line<\/h3>\n<p>If you\u2019re looking to buy a home, you should know the recent downward trend in mortgage rates is good news for your move. Team up with a trusted real estate agent and lender to plan your next steps.&nbsp;<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you want to buy a home, it&#8217;s important to know how mortgage rates impact what you can afford and how much you\u2019ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below): &nbsp; This [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5281,"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-5280","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>What Lower Mortgage Rates Mean for Your Purchasing Power&#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\/what-lower-mortgage-rates-mean-for-your-purchasing-power\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Lower Mortgage Rates Mean for Your Purchasing Power&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"If you want to buy a home, it&#8217;s important to know how mortgage rates impact what you can afford and how much you\u2019ll pay each month. 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