{"id":228290,"date":"2024-02-12T15:09:21","date_gmt":"2024-02-12T20:09:21","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=228290"},"modified":"2024-02-16T13:01:40","modified_gmt":"2024-02-16T18:01:40","slug":"realtor-com-lower-mortgage-rates-translating-to-improved-affordability","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/realtor-com-lower-mortgage-rates-translating-to-improved-affordability","title":{"rendered":"Realtor.com: Lower mortgage rates translating to improved affordability"},"content":{"rendered":"

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The drop of mortgage rates by more than 100 basis points since their peak at 7.8% has translated into savings of approximately $366 every month, according to analysis by Realtor.com. The calculation assumes a median price of $414,000 and a 10% down payment, which results in an average monthly payment of approximately $2,385.<\/p>\n\n\n

\n
\"a<\/a>
Adobe Stock<\/figcaption><\/figure><\/div>\n\n\n

It’s astonishing what a difference seemingly incremental changes in interest rates can make.<\/p>\n\n\n\n

\u201cThe good news is that as mortgage rates drift lower, that can have a big impact on affordability,” says Realtor.com senior economic analyst Hannah Jones.<\/p>\n\n\n\n

Granted, part of this monthly cost difference is due to seasonal price fluctuations: February home prices are normally a couple of percentage points lower than in the fall. (These seasonal patterns can also help homebuyers time their purchase to maximize affordability<\/a>.) Yet while home shoppers often focus on home prices, the mortgage rate they’re getting could have a more significant impact on their pocketbook.<\/p>\n\n\n\n

“Buyers are going to feel the impact of mortgage rates more acutely, simply because of how loans work,” Jones explains. “Home prices would have to shift a lot more to impact your monthly payment in the same amount that a mortgage rate change does.”<\/em><\/p>\n\n\n\n

If mortgage rates were to dip by an additional 0.5%, to 6.1%, the monthly payment on a median-priced home would fall to $2,263. At a 1% rate dip, to 5.6%, it falls to $2,144. This would amount to savings of $607 every month compared with last October, when mortgage rates were much higher.<\/p>\n\n\n\n

That greater affordability would probably be enough to spark more interest from potential buyers who have been waiting out the recent cycle of higher mortgage rates.<\/p>\n\n\n\n

This story appeared in Builder Online<\/a><\/em><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

The drop of mortgage rates by more than 100 basis points since their peak at 7.8% has translated into savings of approximately $366 every month, according to analysis by Realtor.com. The calculation assumes a median price of $414,000 and a 10% down payment, which results in an average monthly payment of approximately $2,385.<\/p>\n","protected":false},"author":49,"featured_media":228291,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2024-02-14T20:09:52Z","apple_news_api_id":"1907eb40-1630-43d1-b39f-3c4f32a68992","apple_news_api_modified_at":"2024-02-14T20:09:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGQfrQBYwQ9GznzxPMqaJkg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11236,11198,11002],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\nRealtor.com: Lower mortgage rates translating to improved affordability | Livabl<\/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:\/\/www.livabl.com\/articles\/news\/realtor-com-lower-mortgage-rates-translating-to-improved-affordability\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Realtor.com: Lower mortgage rates translating to improved affordability | Livabl\" \/>\n<meta property=\"og:description\" content=\"The drop of mortgage rates by more than 100 basis points since their peak at 7.8% has translated into savings of approximately $366 every month, according to analysis by Realtor.com. 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