Keeping It REAL - by Bettsy Tyler

  Mortgage rates have been on a roller coaster ride this year, rising and falling amid inflationary pressures and economic uncertainty. And even the experts are divided when it comes to predicting where rates are headed next. 1   This climate has been unsettling for some homebuyers and sellers. However, with proper planning, you can work toward qualifying for the best mortgage rates available today – and open up the possibility of refinancing at a lower rate in the future. How does a lower mortgage rate save you money? According to Trading Economics, the average new mortgage size in the United States is currently around $410,000. 2 Let’s compare a 5.0% versus a 6.0% fixed-interest rate on that amount over a 30-year term.   Mortgage Rate (30-year fixed) Monthly Payment on $410,000 Loan (excludes taxes, insurance, etc.) Difference in Monthly Payment Total Interest Over 30 Years Difference in Interest 5.