Let’s Talk: Mortgage Interest Rates
Mortgage Interest Rates impact market conditions and your purchasing power. If you’re financing a property, you’ll want to understand how interest rates impact purchasing power - as well the historical context for the current rates. It’s part of being a well informed buyer.
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Here is a graph from the St. Louis Fed (sourced from Fannie Mae) showing historical interest rates since 1971.
For most buyers, it’s not specifically the mortgage interest rate that they’re concerned with, it’s the monthly payment. It’s the overall affordability. This is where a great lender comes in. There are a few ways to get creative with the financing, to help ‘buy down’ the interest rate. If you’re wondering what monthly payments might look like for you, or how to keep them as low as possible - make sure you get connected with an amazing lender. They will help bring clarity!
