Located in Clubridge at Woodcreek Farms, this new construction features an open floor plan with the owner's suite and the second bedroom on the main level. While a projected half percentage point increase may not seem substantial, it does have an impact when you're buying a home. When rates rise even slightly, it affects how much you'll pay month-to-month on your home loan.
The chart below shows how it works:In this example, if rates rise to 3.55%, you'll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
The chart below shows how it works:In this example, if rates rise to 3.55%, you'll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
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