Should those interested in buying a new home wait until prices drop and interest rates rise? Let’s do some quick math to see how the benefits of purchasing today would compare to waiting another 12 months.
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I’ve been doing a deep dive into recent mortgage calculations lately, and the information I’ve found could help answer a question that has been on many people’s minds lately: Should buyers make their move now or wait?
To get to the bottom of this question, let’s do some quick math. Imagine you’re purchasing a $500,000 home with a 5% down payment, which, in this case, would be $25,000.
Assuming your interest rate is at 3.49%, your monthly mortgage payment in this scenario would be…