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Mortgage Rates Drop Again!

Interest Rates Drop saving you money
Does the Fed’s rate hike change mortgage rates?

We’ve been saying it for years now, how long can these low interest rates last? Just when we think they are starting to climb they head back down again. Yes, housing prices are high nearly everywhere but that is being offset by ridiculously low mortgage rates. Especially now that mortgage rates dropped again!

Megastar Financial

Here’s what Megastar Financial had to say about interest rates:

“Continuing the pattern of the past few weeks, rates declined again another .11%.This again brings us to a new low for the year and almost 1.15% lower than they were at the beginning of the year.”

A Big Impact

Rates make a big impact on your monthly mortgage payments. For example, a $300,000 loan at 3.5% over 30 years would give you a principal and interest payment of approximately $1347/month. That same loan amount with 4.5% interest makes the monthly payment jump to $1520/month. That’s a significant increase for nothing but the interest rate changing. Interest rates have a huge impact on home affordability. Consider this, if you wait to buy for a dip in housing prices, if rates tick up, while you did pay less for your home, your monthly payment could wind up being about the same.

Calculate for Yourself

If you want to see what your mortgage payment might be, use our mortgage calculator and enter your own numbers. Just remember, the mortgage calculators calculate principal and interest only. You still have to add in property taxes and homeowners insurance.

I never know where interest rates will be next week let alone next year. All we know is they have been good and after this recent mortgage rate drop, they are even better. Consider this, if you wait to buy for a dip in housing prices, if rates tick up, while you did pay less for your home, your payment could be about the same.  If buying a home is on your radar, interest rates are still in your favor.

Posted in: Buyer Tips Tagged: Interest Rates

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

We were most impressed with their team work and insights. We enjoy working with Jason & Meredith. We trust them and know we can count on them. This is our 6th transaction with Mountain-Living!

David from Evergreen June 16, 2022

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Brad was most impressed with Jason for his honesty. He could think of nothing that he should or could have done to make the transaction better.

Brad from KS May 3, 2022

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Contact Us


Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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