- Hank Bailey
- Associate Broker
- 706.621.1895
- 770.932.1234
- Email Me
Lower Mortgage Rates Boost Your Buying Power!
As of September 20, 2024, mortgage rates are trending down, and that’s great news for your bottom line! As rates drop, the monthly payment on your next home gets smaller. Even a small reduction in mortgage rates can make a big difference in your purchasing power. If you paused your home search when rates were higher, now’s the time to reconsider and see how much you could save as rates fall.
| Interest Rate | Monthly Payment (P&I) | Monthly Savings |
|---|---|---|
| 7.5% | $1,748 | - |
| 7.0% | $1,663 | $85 |
| 6.5% | $1,580 | $168 |
| 6.0% | $1,499 | $249 |
| 5.5% | $1,419 | $329 |
| Interest Rate | Monthly Payment (P&I) | Monthly Savings |
|---|---|---|
| 7.5% | $3,146 | - |
| 7.0% | $2,994 | $152 |
| 6.5% | $2,844 | $302 |
| 6.0% | $2,698 | $448 |
| 5.5% | $2,555 | $591 |
| Interest Rate | Monthly Payment (P&I) | Monthly Savings |
|---|---|---|
| 7.5% | $4,545 | - |
| 7.0% | $4,324 | $221 |
| 6.5% | $4,108 | $437 |
| 6.0% | $3,897 | $648 |
| 5.5% | $3,691 | $854 |
As we look at recent trends, mortgage rates are dropping, and you could save hundreds of dollars every month on your payment. Even a small rate drop makes a big difference in your buying power. If you put your search on hold when rates were high, think about the savings you can unlock now!
Note: Principal and interest payments listed above do not include other costs like property taxes, insurance, and HOA dues. Interest rates are for illustrative purposes and may vary based on your loan specifications.
Take advantage of lower rates and boost your buying power today! Connect with me today to restart your home buying journey!
