Impact of Recent Rate Changes on Mortgages and Housing Market
TL;DR Summary
Mortgage rates have dropped from 6.93% to 6.34%, reducing monthly payments on a $700,000 loan from about $4,624 to $4,351, saving roughly $273 per month and nearly $100,000 in interest over 30 years. Refinancing options are also more attractive, with lower rates available for shorter terms, though closing costs should be considered.
Topics:business#business#dollar700000-loan#interest-savings#monthly-payments#mortgage-rates#refinancing
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- You Decide: What Does the Fed’s Rate Cut Mean? NC State University
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