MORTGAGE MONDAY: HOW WILL THE NEW RATE RISE HIT YOUR WALLET?

With mortgage rates rising above 5% as of the most recent Fed announcement, buyers (or potential buyers) seem to be taking a step back to re-evaluate.  For some, that 5% mark is a psychological barrier to moving forward with a purchase.  But it is important to remember; historically speaking it is still relatively low.  Take, in comparison, the 12% rate I paid on my first property purchased in the 1980’s or the 18% my parents faced in the 1970’s.  What matters most is the real impact is on your monthly payment and how that impacts affordability for you.  CBS news breaks it out by the numbers….

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Keith Kaplan

CalBRE #01933707
Sothebys International Realty
9255 Sunset Blvd.
West Hollywood, CA 90069

keith.kaplan@sothebyshomes.com

310-646-7791

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