top of page

How Changing Mortgage Rates Can Affect You


The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.


The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.


What This Means for You


You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLS, explains:


“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”


That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.


Bottom Line


Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let's team up so you have a strong plan in place.





Comments


Featured Posts
Check back soon
Once posts are published, you’ll see them here.
Recent Posts
Archive
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
  • Twitter Social Icon
  • Facebook Social Icon
  • YouTube Social  Icon
  • Google+ Social Icon
  • LinkedIn Social Icon

© 2025 by Chris Dudley

Realtor, and TEAM LEADER of the Dudley Real Estate Group, with Berkshire Hathaway Home Services PenFed Realty

TV Host with American Dream TV Network: Do you want your home listed on TV?

The Dudley Real Estate Group - Licensed in  VA, MD, & DC 

Chris Cell: (202) 297.3047 | Chris@DudleyREGroup.com

What is my home worth? Click here to get a FREE VALUATION

--

Office Address - 8075 Leesburg Pike, Suite 720, Vienna, VA 22182  |  Office Phone: (703) 281-8500  |  Fax: (703) 214-2104

​© 2012-2024 by CHRIS DUDLEY with Berkshire Hathaway Home Services

Building Relationships.... NOT just selling!

Top 1% in Berkshire Hathaway Home Services PenFed Realty in the NATION

Top 1% of Realtors in the DMV  |  Top 100/0.1% (out of 22,000) of Realtors in VA

25M+ SOLD in 2021  |  $23M+ SOLD in 2022  |  $31M+ SOLD in 2023

$40M+ SOLD in 2024

Work with an agent that actually SELLS!

bottom of page