What Do Changing Interest Rates Mean For Buyers?

The interest rates are changing on a daily basis, and they always have been. It’s just that we notice it more now, because the swings seem to be so much bigger. So what does this mean for you as a buyer, as you’re getting ready to buy a home? Well, let’s take an example. A $350,000 loan with a 1% change in interest rate will cost you a $200 difference in price. So if it goes up 1% it is $200 more for you. This doesn’t include any PMI, taxes, or anything like that. It’s just on the principal and interest. So hopefully that helps you as you get ready to plan on purchasing a home and understanding what the interest rates are doing when experts are talking about them going up or coming down. You know, exactly what that practically might mean for you.