{"id":33469,"date":"2023-11-09T21:02:21","date_gmt":"2023-11-09T21:02:21","guid":{"rendered":"https:\/\/isafespend.com\/news\/mortgage-rates-just-plunged-see-how-much-youd-pay-for-a-house-at-current-rates\/"},"modified":"2023-11-09T21:02:24","modified_gmt":"2023-11-09T21:02:24","slug":"mortgage-rates-just-plunged-see-how-much-youd-pay-for-a-house-at-current-rates","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=33469","title":{"rendered":"Mortgage rates just plunged\u2014see how much you’d pay for a house at current rates"},"content":{"rendered":"
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Homebuyers finally got some relief as 30-year fixed mortgage rates dropped significantly last week.<\/p>\n

After steadily climbing for most of the year, rates slid from 7.86% to 7.61% \u2014 the largest one-week decline in over a year \u2014 according to the Mortgage Bankers Association.<\/p>\n

The decline follows recent signs that the economy is cooling, with a weaker-than-expected jobs report and an uptick in unemployment. Lenders tend to lower mortgage rates when there’s a sign of an economic slowdown or recession.<\/p>\n

With mortgage rates dropping, monthly homeownership costs will become more affordable. However, home prices have risen by 30% since 2020, which has squeezed out many buyers.\u00a0<\/p>\n

Despite a brief dip in early 2023, the median U.S. home price has risen to $431,000, per the latest U.S. Census Bureau data.<\/p>\n

Assuming that you can afford a 20% down payment on a $431,000 home, the monthly payments for a 30-year fixed mortgage with a 7.61% rate work out to $2,437.<\/p>\n<\/div>\n

See whether you can afford a home based on current rates<\/h2>\n
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If you’re a potential homebuyer, you can use CNBC Make It’s mortgage calculator to figure out how much your monthly mortgage payments would be based on the prevailing interest rate.\u00a0<\/p>\n

Just remember that the calculator doesn’t include additional expenses like insurance, property taxes and private mortgage insurance, which is typically required for mortgages with less than a 20% down payment.<\/p>\n<\/div>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Homebuyers finally got some relief as 30-year fixed mortgage rates dropped significantly last week. After steadily climbing for most of the year, rates slid from 7.86% to 7.61% \u2014 the largest one-week decline in over a year \u2014 according to the Mortgage Bankers Association. The decline follows recent signs that the economy is cooling, with<\/p>\n","protected":false},"author":1,"featured_media":33470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-33469","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nMortgage rates just plunged\u2014see how much you'd pay for a house at current rates | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Homebuyers finally got some relief as 30-year fixed mortgage rates dropped significantly last week.After steadily climbing for most of the year, rates\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=33469\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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