The mortgage interest rate factor

Log into your myEdinaRealty account

Don't have an account?



We value your privacy.

Create a FREE myEdinaRealty account

More control. Complete privacy. An easier way to find a home.


Already have an account? Log in here.


    •  Yes, please send me occasional edinarealty.com updates and promotions.
    • *Required field
    • Create account

      No spam. Complete privacy.

The mortgage interest rate factor

  •  
  •  


Buying a house is one of the largest financial investments many people will ever make. Therefore, it makes sense that when people buy a house, they want to get a good deal.

One of the factors in determining how much you will pay for your home is the mortgage rate. The selling price of the home is easy to understand. By factoring in the interest rate, you will determine your monthly payment, as well as how much you will pay for a home over the lifetime of the loan.

When rates are low, home affordability increases. Conversely, when rates go up, the amount that buyers can afford decreases. In fact, when rates increase by 1 percent over their current level, the price of a home would have to drop nearly 11 percent to match today's payment.

Right now, mortgage rates are close to historic lows. While we don't know when mortgage rates will climb back up, it inevitably will happen. If you want to extend your buying power, consider buying a home today. We're here to help you get started.

shadow

Real estate answers,

no strings attached

If you have a real estate question, chances are we have the answer. Our Customer Care Team can help before you even pick an agent!

Contact Customer Care

We're here to help you 7 days a week

952-928-5563

Contact us
We’re here to help.   877.270.1289 or Email