Money Monday!

The days of unbelievably low mortgage rates seem to be ending for now.  I’ve included a link to this very interesting article on mortgage rates which has an easy-to-read graph showing recent movement in rates. https://money.com/current-mortgage-rates/

Below is an excerpt from the article that I thought you may find interesting. It shows the difference in payment for a mortgage at various interest rates:

If you bought a $250,000 home and made a 20% down payment — $50,000 — you would end up with a starting loan balance of $200,000. On a $200,000 home loan with a fixed rate for 30 years:

• At 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
• At 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
• At 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
• At 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

While current rates are higher than they have been, it still may be a good exercise to consider refinancing high-rate mortgage debt.

Raymond James Financial Service, Inc. does not provide advice on mortgages.