MORTGAGE MATH
09/16/2025 |
The 30-year mortgage rate is now 6.35%, down from over 7% in January. As a result, a buyer with a $3,000/month budget can now afford a $466,000 home with a 20% downpayment. At 7%, the same budget would only allow for a $442,000 home, a $24,000 difference. Unfortunately, since January the price of the median home has risen from $393,400 to $422,400, a rise of $29,000 utterly negating easing rates.