Frequently Asked Question
Quick Answer
On a $500,000 loan at a 30-year fixed rate, a one-percentage-point increase raises the monthly principal and interest payment by approximately $290–$310. Over the life of the loan, that difference compounds significantly.
On a $500,000 loan at a 30-year fixed rate, a one-percentage-point increase raises the monthly principal and interest payment by approximately $290–$310. Over the life of the loan, that difference compounds significantly. Rate changes this meaningful make the decision of when to lock — and which loan product to use — genuinely impactful.
This answer is part of a longer article by Pam Heinold:
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