Interest rates are starting to creep up, they are currently the highest they’ve been since November 2020, I expect them to continue to trend upward as the year goes on. However, remember that <3% is still incredibly low. Just a few years ago they were around 5%!
For reference, an average monthly payment for a $300,000 home today would be around $1,670/mo.
If you had a 5% interest rate, the same price home ($300k) is likely to be around $2,000/mo (almost $330 more a month).
Here is a link to a mortgage calculator. If you’d like me to connect you with a lender, please reach out.
