In the past few years, Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rates on   Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page loans have held at historic lows, making it a good time – financially speaking – to consider buying a new home. Of course, Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rates are only one of several factors that must be thought of when making a home purchase, but it is important to have an understanding of how Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rates can affect you as a new homebuyer.^†

A lower Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate can make a Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page more affordable, not just in terms of Monthly Payments but also with the overall amount paid for the loan over time. The higher the Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate, the more money the borrower will need to pay in  Interest  Interest Money charged for the use of money (principal). View Glossary Page over the term of the loan. For example, if you locked in an Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate of 3.9% on a 30-year Fixed-Rate Mortgage Fixed-Rate Mortgage A mortgage with an interest rate that stays the same for the entire duration of the loan. View Glossary Page for a $500k home with 20% down, your Monthly Payment Monthly Payment Usually, the amount of PITI (principal, interest, taxes, and insurance) paid each month on a mortgage loan. View Glossary Page would be $1,887 (before taxes and insurance). At 4.9% Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page , your Monthly Payment Monthly Payment Usually, the amount of PITI (principal, interest, taxes, and insurance) paid each month on a mortgage loan. View Glossary Page would increase by $236…but that adds up to an extra $84,960 over 30 years.

A change in the Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate doesn’t necessarily translate to fluctuation in home prices, but Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rates can affect the housing market. If there’s a 0.25% Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate increase, for example, you might need 3% more income to qualify for the same Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page .

Considering that Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rates were around 8%-9% in 2000, today’s even lower rates are a new homebuyer’s dream, making now a great time to buy.

View Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate chart.