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Thinking of buying a home? Now might be a good time to do that.
The average 30-year fixed-rate mortgage as of August 11, 2022 was 5.46%, according to BankRate analysis. While this rate is lower than his July average of 5.73%, it remains much higher than the August 12, 2021 average of 2.87%, according to Freddie Mac’s analysis.
High mortgage rates tend to reduce the purchasing power of homebuyers. That means potential homebuyers may want to consider buying a cheaper home for the same budget than if the mortgage rate were lower.
According to the National Association of Realtors, the median home price is $416,000, making it far more expensive to buy a home than it was a year ago.
And as of August 12, 2022, Freddie Mac predicts that house prices will likely continue to rise slowly through the end of summer. The good news is that the housing market is stable, according to the company.
If you’re looking to buy a home, use the mortgage calculator below to figure out what your monthly payments will be. Simply enter the mortgage amount, number of years and interest rate.
Please note that this calculator only provides an estimate of loan payments and does not include additional costs such as insurance, private mortgage insurance (PMI), property taxes, etc.
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