A great article from our friends at KCM on how these changing interest rates may affect you during the home buying process. The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:  [](https://files.keepingcurrentmatters.com/content/branded/images/20230331/20230403-example-buyers-purchasing-power-MEM.png) **Even a 0.5% change can have a big impact on your monthly payment.**
And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down. #### **What This Means for You** You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at
_Bright MLS_,
[explains](https://www.linkedin.com/posts/lisa-sturtevant-48413051_mortgage-rates-activity-7042166632474898432-hpTf): > _“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”_ That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision. ### Bottom Line Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, partner with a trusted real estate agent and lender so you have a strong plan in place. I’m here to assist you through the process! I’m a phone call, text or DM away. Chris Simpson 231-215-7229 Chris Simpson
Nexes Realty Inc.
880 W. Broadway Ave
Muskegon, MI 49441 * * * ### Discover more from Muskegon Real Estate Agent, Chris Simpson,Homes For Sale, Muskegon Homes,Muskegon House For Sale, Muskegon Real Estate, West Michigan Real Estate Agent, Muskegon Realtor Subscribe to get the latest posts sent to your email. Type your email… Subscribe ### Share this: - [X](https://chrissimpsonwestmichiganrealestate.com/2023/05/17/how-changing-mortgage-rates-can-affect-you/?share=twitter&nb=1)
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