Mortgage Payment increased $1K in three months
The big discussions are housing prices and rising mortgage rates. Itās understandable as we continue to deal with inflation and the impending recession.
But for the average buyer, the most important thing on their minds is the monthly payment. Yes price is important and so are the rates. These two fluctuate as the market changes. But what is most important for the buyer is the monthly payment. Can they afford it and not over-burden themselves?
Here is an analysis of the rising rates and how that impacts payments over a period of three months.
The rise in payment is significant; but do keep in mind that the Fed is expected to raise another .75 points next month and there is no indication the upward trajectory is going to slow down anytime soon. Your take home pay is not keeping up with the rising rates.
Are you fortunate enough to keep up with the rate increases or will these increases potentially push you out of the market? Not taking action and just wishing and hoping the rates will not increase is not a plan. Take action.
What are you thought? Comment below.
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