If you plan to buy a home soon, you may want to compare how the upcoming rate cuts could impact your monthly costs.
The housing market landscape has been challenging for buyers to navigate over the past few years. After all, a perfect storm of high mortgage rates, limited home inventory and elevated home prices has created significant barriers to entry for those looking to purchase a home. With homebuying costs elevated, many potential buyers have been temporarily priced out of the market, leaving them wondering when, if ever, they might be able to achieve their dream of homeownership.
If the Fed were to implement multiple rate cuts totaling 0.50% over the coming months, and mortgage rates were to fall by same 50 basis points, the potential savings become even more substantial:15-year mortgage at 5.28%: $3,866.19 per month30-year mortgage at 5.91%: $2,850.13 per monthWith a half-point reduction in rates, borrowers could see monthly savings of about $132 on a 15-year mortgage or about $155 on a 30-year mortgage compared to current rates.
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