top of page

How do mortgage rates impact my monthly mortgage payment?

Curious about Mortgage rates

How do mortgage rates impact my monthly mortgage payment?

Mortgage rates directly impact the monthly mortgage payment. Generally, when mortgage rates are low, the monthly payment on a mortgage will also be lower. Conversely, when mortgage rates are high, the monthly payment on a mortgage will be higher. This is because the interest rate is a key factor in calculating the monthly payment on a mortgage loan. A lower interest rate means that less interest will accrue over the life of the loan, resulting in a lower monthly payment. On the other hand, a higher interest rate means that more interest will accrue over the life of the loan, resulting in a higher monthly payment.

bottom of page