[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f20hg2dsv365l2":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},4038,"how-todays-mortgage-rates-impact-your-home-purchase","How Today’s Mortgage Rates Impact Your Home Purchase","If you’re planning to buy a home, it’s critical to understand the relationship between \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F13\u002Fwhere-are-mortgage-rates-headed\u002F\">mortgage rates\u003C\u002Fa> and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F06104226\u002F20220509-KCM-Share.jpg","If you’re planning to buy a home, it’s critical to understand the relationship between \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F13\u002Fwhere-are-mortgage-rates-headed\u002F\">mortgage rates\u003C\u002Fa> and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power.\u003C!--more-->\r\n\r\nToday, the average 30-year fixed mortgage rate is \u003Ca href=\"https:\u002F\u002Fwww.freddiemac.com\u002Fpmms\">above 5%\u003C\u002Fa>, and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power.\r\n\u003Ch4>\u003Cstrong>Mortgage Rates Play a Large Role in Your Home Search \u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe \u003Ca href=\"https:\u002F\u002Fwww.mortgagecalculator.net\u002F\">chart\u003C\u002Fa> below can help you understand the general relationship between mortgage rates and a typical monthly mortgage payment within a range of loan amounts. Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within that range, while the red is a payment that exceeds it (\u003Cem>see chart below\u003C\u002Fem>):\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F06104225\u002F20220509-MEM-Eng-1.png\">\u003Cimg class=\"aligncenter wp-image-46450\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F06104225\u002F20220509-MEM-Eng-1.png\" alt=\"How Today’s Mortgage Rates Impact Your Home Purchase | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nAs the chart shows, you’re more likely to exceed your target payment range as mortgage rates increase unless you pursue a lower home loan amount. If you’re ready to buy a home, use this as your motivation to purchase now so you can get ahead of rising rates before you have to make the decision to decrease what you borrow in order to stay comfortably within your budget.\r\n\u003Ch4>\u003Cstrong>Work with Trusted Advisors To Know Your Budget and Make a Plan\u003C\u002Fstrong>\u003C\u002Fh4>\r\nIt’s critical to keep your \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F05\u002Fwhat-you-need-to-budget-for-when-buying-a-home\u002F\">budget\u003C\u002Fa> top of mind as you’re searching for a home. Danielle Hale, Chief Economist at \u003Cem>realtor.com, \u003C\u002Fem>puts it best, \u003Ca href=\"https:\u002F\u002Fmoney.com\u002Fspring-home-buying-outlook-tips\u002F\">advising\u003C\u002Fa> that buyers should:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>Get preapproved with where rates are today, but also consider what would happen if rates were to go up, say another quarter of a point,\u003C\u002Fstrong> . . . Know what that would do to your monthly costs and how comfortable you are with that, so that if rates do move higher, you already know how you need to adjust in response.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nNo matter what, the best strategy is to work with your real estate advisor and a trusted lender to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F04\u002Fbalancing-your-wants-and-needs-as-a-homebuyer-today\u002F\">create a plan\u003C\u002Fa> that takes rising mortgage rates into consideration. Together, you can look at your budget based on where rates are today and craft a \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F19\u002Fwhy-pre-approval-is-an-important-step-for-todays-homebuyers\u002F\">strategy\u003C\u002Fa> so you’re ready to adjust as rates change.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nEven small increases in mortgage rates can impact your purchasing power. If you’re in the process of buying a home, it’s more important than ever to have a strong plan. Let’s connect so you have a trusted real estate advisor and a lender on your side who can help you strategize to achieve your dream of homeownership this season.","\r\nEven small increases in mortgage rates can impact your purchasing power. If you’re in the process of buying a home, it’s more important than ever to have a strong plan. Let’s connect so you have a trusted real estate advisor and a lender on your side who can help you strategize to achieve your dream of homeownership this season.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F06104225\u002F20220509-MEM-Eng-1.png",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},35,"Mortgage Rates","mortgage-rates",{"id":34,"name":35,"slug":36},38,"Move-Up","move-up","2022-05-09T10:00:01Z","2022-11-16T17:33:48Z",{"id":40,"slug":41,"title":42,"featuredImage":43,"publishedAt":44,"contentType":10,"isVideo":15},4037,"2022-housing-market-forecast-infographic","2022 Housing Market Forecast [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F05130333\u002F20220506-KCM-Share.png","2022-05-06T10:00:21Z",{"id":46,"slug":47,"title":48,"featuredImage":49,"publishedAt":50,"contentType":10,"isVideo":15},4039,"will-home-prices-fall-this-year-heres-what-experts-say","Will Home Prices Fall This Year? Here’s What Experts Say.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F06153409\u002F20220510-KCM-Share.jpg","2022-05-10T10:00:45Z",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[56,60,61,65,69,73,74,75,79,80,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153,157],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},6,"For Sellers","sellers",{"id":66,"name":67,"slug":68},7,"Foreclosures","foreclosures",{"id":70,"name":71,"slug":72},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":26,"name":27,"slug":28},{"id":76,"name":77,"slug":78},34,"Senior Market","senior-market",{"id":30,"name":31,"slug":32},{"id":34,"name":35,"slug":36},{"id":82,"name":83,"slug":84},41,"For Sale by Owner","for-sale-by-owner",{"id":86,"name":87,"slug":88},42,"Featured","featured",{"id":90,"name":91,"slug":92},45,"New Construction","new-construction",{"id":94,"name":95,"slug":96},52,"Luxury \u002F Vacation","luxury--vacation",{"id":98,"name":99,"slug":100},53,"Rent vs. Buy","rent-vs-buy",{"id":102,"name":103,"slug":104},80,"Time-sensitive","time-sensitive",{"id":106,"name":107,"slug":108},81,"Outdated","outdated",{"id":110,"name":111,"slug":112},147,"Internal","internal",{"id":114,"name":115,"slug":116},148,"Do Not Autopost","do-not-autopost",{"id":118,"name":119,"slug":120},320,"Inventory","inventory",{"id":122,"name":123,"slug":124},321,"Agent Value","agent-value",{"id":126,"name":127,"slug":128},322,"Affordability","affordability",{"id":130,"name":131,"slug":132},323,"Buying Tips","buying-tips",{"id":134,"name":135,"slug":136},324,"Downsize","downsize",{"id":138,"name":139,"slug":140},325,"Economy","economy",{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]