{"id":7496,"date":"2021-03-30T10:00:40","date_gmt":"2021-03-30T10:00:40","guid":{"rendered":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/"},"modified":"2021-03-30T10:00:40","modified_gmt":"2021-03-30T10:00:40","slug":"how-a-change-in-mortgage-rate-impacts-your-homebuying-budget","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/","title":{"rendered":"How a Change in Mortgage Rate Impacts Your Homebuying Budget"},"content":{"rendered":"
\n

\"How<\/p>\n

Mortgage rates are on the rise<\/a> this year, but they’re still incredibly low compared to the historic average<\/a>. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist<\/em> at Freddie Mac<\/em>, shares<\/a>:<\/span><\/p>\n

\n

“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.” (See graph below):<\/em><\/p>\n<\/blockquote>\n

\"How<\/a>When buying a home, it’s important to determine a monthly budget so you can plan for and understand what you can 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

According to the National Association of Realtors<\/em> (NAR), today, the median existing-home price is $313,000<\/a>. Using $300,000 as a simple number close to the median price<\/a>, here’s an example of how a change in mortgage rate impacts your monthly principal and interest payments on a home.\"How<\/a>If, for example, you’re 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 increases<\/em><\/strong>, the loan amount has to 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

In essence, it’s 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, Chief Economist<\/em> at First American<\/em>, explains<\/a>:<\/p>\n

\n

“Monthly payments have remained manageable despite soaring home prices because of 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

Although they remain low, 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.”<\/em><\/p>\n<\/blockquote>\n

Today’s mortgage rates are still very low, but experts project<\/a> they’ll 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

Bottom Line<\/strong><\/h3>\n

Thanks to low mortgage rates, the spring housing market’s in bloom for buyers – but these favorable conditions may not last for long. Let’s connect today to start the homebuying process while your purchasing power is still holding strong.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: “Since January, mortgage rates have increased […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,104,101,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHow a Change in Mortgage Rate Impacts Your Homebuying Budget - The Zakaria Group<\/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:\/\/thezakariagroup.com\/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 - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: “Since January, mortgage rates have increased […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"The Zakaria Group\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/thezakariagroup\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T10:00:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130507\/20210330-KCM-Share-549x300.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\"},\"author\":{\"name\":\"\",\"@id\":\"https:\/\/thezakariagroup.com\/#\/schema\/person\/3faf57a8142a13b0b75bddafdfe7ec5d\"},\"headline\":\"How a Change in Mortgage Rate Impacts Your Homebuying Budget\",\"datePublished\":\"2021-03-30T10:00:40+00:00\",\"dateModified\":\"2021-03-30T10:00:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\"},\"wordCount\":487,\"publisher\":{\"@id\":\"https:\/\/thezakariagroup.com\/#organization\"},\"articleSection\":[\"First Time Home Buyers\",\"For Buyers\",\"Interest Rates\",\"Move-Up Buyers\",\"Pricing\"],\"inLanguage\":\"en\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\",\"url\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\",\"name\":\"How a Change in Mortgage Rate Impacts Your Homebuying Budget - The Zakaria Group\",\"isPartOf\":{\"@id\":\"https:\/\/thezakariagroup.com\/#website\"},\"datePublished\":\"2021-03-30T10:00:40+00:00\",\"dateModified\":\"2021-03-30T10:00:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thezakariagroup.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How a Change in Mortgage Rate Impacts Your Homebuying Budget\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thezakariagroup.com\/#website\",\"url\":\"https:\/\/thezakariagroup.com\/\",\"name\":\"The Zakaria Group\",\"description\":\"The Zakaria Group\",\"publisher\":{\"@id\":\"https:\/\/thezakariagroup.com\/#organization\"},\"alternateName\":\"TZG, MLS\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thezakariagroup.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/thezakariagroup.com\/#organization\",\"name\":\"The Zakaria Group\",\"alternateName\":\"TZG\",\"url\":\"https:\/\/thezakariagroup.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\/\/thezakariagroup.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/thezakariagroup.com\/wp-content\/uploads\/2018\/10\/logo-1.png\",\"contentUrl\":\"https:\/\/thezakariagroup.com\/wp-content\/uploads\/2018\/10\/logo-1.png\",\"width\":400,\"height\":173,\"caption\":\"The Zakaria Group\"},\"image\":{\"@id\":\"https:\/\/thezakariagroup.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/thezakariagroup\/\",\"https:\/\/www.youtube.com\/channel\/UCX6VeVxc5BNyr8TY1piPyXw\",\"https:\/\/www.instagram.com\/thezakariagroup\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/thezakariagroup.com\/#\/schema\/person\/3faf57a8142a13b0b75bddafdfe7ec5d\",\"name\":\"\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\/\/thezakariagroup.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g\"},\"url\":\"https:\/\/thezakariagroup.com\/author\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How a Change in Mortgage Rate Impacts Your Homebuying Budget - The Zakaria Group","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/","og_locale":"en_US","og_type":"article","og_title":"How a Change in Mortgage Rate Impacts Your Homebuying Budget - The Zakaria Group","og_description":"Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: “Since January, mortgage rates have increased […]","og_url":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/","og_site_name":"The Zakaria Group","article_publisher":"https:\/\/www.facebook.com\/thezakariagroup\/","article_published_time":"2021-03-30T10:00:40+00:00","og_image":[{"url":"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/03\/29130507\/20210330-KCM-Share-549x300.jpg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/#article","isPartOf":{"@id":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/"},"author":{"name":"","@id":"https:\/\/thezakariagroup.com\/#\/schema\/person\/3faf57a8142a13b0b75bddafdfe7ec5d"},"headline":"How a Change in Mortgage Rate Impacts Your Homebuying Budget","datePublished":"2021-03-30T10:00:40+00:00","dateModified":"2021-03-30T10:00:40+00:00","mainEntityOfPage":{"@id":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/"},"wordCount":487,"publisher":{"@id":"https:\/\/thezakariagroup.com\/#organization"},"articleSection":["First Time Home Buyers","For Buyers","Interest Rates","Move-Up Buyers","Pricing"],"inLanguage":"en"},{"@type":"WebPage","@id":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/","url":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/","name":"How a Change in Mortgage Rate Impacts Your Homebuying Budget - The Zakaria Group","isPartOf":{"@id":"https:\/\/thezakariagroup.com\/#website"},"datePublished":"2021-03-30T10:00:40+00:00","dateModified":"2021-03-30T10:00:40+00:00","breadcrumb":{"@id":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thezakariagroup.com\/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thezakariagroup.com\/"},{"@type":"ListItem","position":2,"name":"How a Change in Mortgage Rate Impacts Your Homebuying Budget"}]},{"@type":"WebSite","@id":"https:\/\/thezakariagroup.com\/#website","url":"https:\/\/thezakariagroup.com\/","name":"The Zakaria Group","description":"The Zakaria Group","publisher":{"@id":"https:\/\/thezakariagroup.com\/#organization"},"alternateName":"TZG, MLS","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thezakariagroup.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en"},{"@type":"Organization","@id":"https:\/\/thezakariagroup.com\/#organization","name":"The Zakaria Group","alternateName":"TZG","url":"https:\/\/thezakariagroup.com\/","logo":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/thezakariagroup.com\/#\/schema\/logo\/image\/","url":"https:\/\/thezakariagroup.com\/wp-content\/uploads\/2018\/10\/logo-1.png","contentUrl":"https:\/\/thezakariagroup.com\/wp-content\/uploads\/2018\/10\/logo-1.png","width":400,"height":173,"caption":"The Zakaria Group"},"image":{"@id":"https:\/\/thezakariagroup.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/thezakariagroup\/","https:\/\/www.youtube.com\/channel\/UCX6VeVxc5BNyr8TY1piPyXw","https:\/\/www.instagram.com\/thezakariagroup\/"]},{"@type":"Person","@id":"https:\/\/thezakariagroup.com\/#\/schema\/person\/3faf57a8142a13b0b75bddafdfe7ec5d","name":"","image":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/thezakariagroup.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g"},"url":"https:\/\/thezakariagroup.com\/author\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/posts\/7496"}],"collection":[{"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/users\/101010"}],"replies":[{"embeddable":true,"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/comments?post=7496"}],"version-history":[{"count":0,"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/posts\/7496\/revisions"}],"wp:attachment":[{"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/media?parent=7496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/categories?post=7496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thezakariagroup.com\/wp-json\/wp\/v2\/tags?post=7496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}