Thinking of buying a house? Now might be a good time to do it.
The current average 30-year fixed rate mortgage as of August 11, 2022 was 5.46%, according to BankRate analysis. While this rate is lower than July’s average rate of 5.73%, it is still well above the August 12, 2021 average rate of 2.87% according to Freddie Mac’s analysis.
Higher mortgage rates tend to reduce homebuyers’ purchasing power. This means that a potential buyer may need to consider buying a cheaper home with the same budget than they would be able to afford with a lower mortgage rate.
With a median home price of $416,000, it’s much more expensive to buy a home today than it was a year ago according to the National Association of Realtors.
And as of August 12, 2022, Freddie Mac predicts that home prices should continue to slowly rise through the rest of the summer. The good news is that the housing market is stabilizing, according to the company, so now may be a good time to buy.
If you’re considering buying a home, use the mortgage calculator below to determine your monthly payment amount. Simply enter the mortgage amount, term in years and interest rate.
It is important to note that this calculator can only give you an estimate of what your payment on the loan would be and does not include additional expenses such as insurance, private mortgage insurance (PMI) and taxes. land.