Interest rates represent the charges for borrowing money over a specific timeframe. A higher rate necessitates greater interest payments for borrowers. Lower mortgage rates enhance the affordability of home purchases.
While mortgage costs are intricately linked to interest rates, the selling price of homes doesn’t consistently align with these rates.
Thank you, Sidney Stonecypher at People’s Bank Home Loan Center for the rates. If you have any mortgage questions you can reach her at 360-650-5365!
*Monthly sample payments are based on a loan amount of $400,000, 780 or higher credit score, and a 45-day lock term. Actual payment obligation may be higher since sample payment amount does not include property taxes, hazard insurance, or monthly mortgage insurance (if required).