• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Gainesville FL Real Estate & Homes

Gainesville Real Estate Talk

MENUMENU
  • Home
  • Buyers
        • Home Buyers Process
          • What’s Your Wish List?
          • Mortgage Calculator
          • Home Buying Tips
        • Luxury Homes
          • Luxury Home Search
  • Sellers
    • Our Marketing Plan
      • Home Selling Tips
      • Free Market Analysis
      • What’s My Gainesville Home Worth
  • Search
  • Communities
        • Gainesville
          • Haile Plantation
          • Condominiums
          • Town of Tioga
        • Alachua
          • High Springs
          • Jonesville
          • Newberry
  • Market Reports
  • Resources
        • Local Schools
        • Home Service Providers
        • Utilities
        • Government
        • Hospitals
        • Relocate
        • Local Photo Gallery
  • Blog
  • About Us
    • Testimonials
  • Contact Us

How Changing Mortgage Rates Can Affect You

April 3, 2023 by Chris Bohn

How Changing Mortgage Rates Can Affect You

How Changing Mortgage Rates Can Affect You

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. Here is how changing mortgage rates can affect you when you are purchasing a home. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.  Pre-planning for your Gainesville home purchase is imperative!

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You

You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLS, explains:

“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

Bottom Line

Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let’s connect so you have a strong plan in place.

Filed Under: Home Buyers Tagged With: first time home buyer tips, home buyers, mortgage rates

Footer

RE/MAX Professionals

The Bohn Team

Christine Bohn, Broker Associate

Michael Bohn, Sales Associate

4011 NW 43rd Street, Suite C
Gainesville, FL 32606

Connect With Us

Christine Bohn, Realtor® in Gainesville FL.

Copyright © 2023 · Agent Focused Pro by Winning Agent · Log in