Mortgage Rates Driving Starter Home Sales Despite Low Affordability

Real Estate Survival Guide with Terry Story

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6y ago 7:06

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Mortgage Rates Still Low By Historical Standards

Steve kicks off Real Estate Round-Up with a focus on mortgage rates. He notes, with significant satisfaction, that he bought a house five years ago with a 3.75% rate on a 30-y mortgage. Terry adds that mortgage rates are currently in the 4.5% range, so they are still low by historical standards.

That said, if your finances are tight, a 0.75% increase can be sizable.

Potential buyers could opt for a lower rate of about 4% with a 15-year mortgage.

However, because the loan needs to be paid back sooner, monthly mortgage payments are a lot higher. (103)

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