The rapid rise in mortgage rates translates into home buyers needing to pay more for their home loans compared to just eight months ago.
From 3% to 6%
The jump in mortgage rates from 3 to 6% on a standard 30-year fixed-rate mortgage means that, assuming a 20% down payment, the lifetime cost of that mortgage will increase by more than half the price of the home’s price at the time of the home’s sale.
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Take a look:
Home Price 3% Rate 6% Rate Difference
$250,000 home $843/m $1,199/m +$346/m
$500,000 home $1,686/m $2,398/m +$712/m
$750,000 home $2,530/m $3,597/m +$1,067/m
(excluding property taxes, insurance, HOA fees, etc.)
Over the life of a 30-year home loan, the homeowner would pay over time a total of:
Home Price 3% Rate 6% Rate Difference
$250,000 home $304K $432K +$128K
$500,000 home $607K $863K +$256K
$750,000 home $911K $1.3M +$384K
(excluding property taxes, insurance, HOA fees, etc).
During the week ending June 17, Freddie Mac indicated that the 30-year fixed-rate mortgage stood at 5.78%, a level not seen since 2008.
Thanks to Realtor.com and The Washington Post.
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