The total cost of a Frederick home is really determined by only two factors: the price of the home and the cost of financing, assuming the buyer is not paying in cash, which is roughly 80 to 85% of the time these days. The Impact of Interest Rates The interest rate plays a big role in determining your monthly mortgage payment. But how big a role? This chart shows how the payment is impacted even if home prices fall: 7.00 $1,198 1,231 1,264 1,297 1,331 6.75 1,167 1,200 1,232 1,265 1,297 6.50 1,138 1,169 1,201 1,233 1,264 6.25 1,108 1,139 1,170 1,201 1,231 6.00 1,079 1,109 1,139 1,169 1,199 5.75 1,050 1,080 1,109 1,138 1,167 5.50 1,022 1,050 1,079 1,107 1,136 5.25 994 1,022 1,049 1,077 1,104 5.00 966 993 1,020 1,049 1,074 4.75 939 965 991 1,017 1,043 4.50 912 937 963 988 1,013 $180,000 -10% 185,000 -7.5% 190,000 -5% 195,000 -2.5% 200,000 You can see that even if the price of a home slides 5%, the monthly mortgage is the same if the interest rate goes up 1/2%. We are experiencing historically low rates again. It's a great time to buy or to refinance.You may have delayed your home purchase decision because of concern over where PRICES may be heading. To make the best financial decision for you and your family, also take into consideration where the overall COST of the purchase may be heading. Seetoday̢۪s mortgage rates. Use thisMortgage Affordability Calculator. Contact us for our list of preferred lenders to see how much you qualify for today. The Highland Group Turning Point Real Estate 8923 Fingerboard Road Frederick, Md 21704 TEXT US: 301-401-5119 Search for Homes in Frederick Md
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