What do Closing Costs Look Like for a Buyer?
The sales price has the biggest influence on closing costs, but other factors come into play as well, including geographic location, loan type and amount, down payment amount, and whether the buyer pays any points to buy down the interest rate. A common estimate of a buyer’s closing costs is usually about 2% to 5% […]
How Does A Quarter Point Increase in Mortgage Rates Impact Buyers?
Impact of Interest Rates on Homeownership Market fluctuations have given us mortgage interest rates as low as 3% in recent years, but interest rates at 5% to 6% (or even higher) shouldn’t stop anyone from buying. Interest rates do impact affordability, however. Below you can see how large a loan a borrower could obtain for […]