Mortgage rates fall below 6% for first time in over 3 years, giving relief to home buyers

Experts say seeing a rate starting with “5” instead of “6” feels very important psychologically for buyers who were waiting, as stated by Investopedia. The rate crash shows comfortable borrowing conditions, but caution in terms of budgeting should still be Maintained. Example: On a $400,000 loan, the monthly payment at 5.98% is about $2,393, but at 6.5% it would be about $135 more per month. Mortgage rate lowers paymentsThese monthly numbers include only loan payment and interest, not taxes, insurance, or ...