The 30-year fixed mortgage rate dropped to 6.875% this week — the lowest since September 2024. Here's exactly what it means for your monthly payment at Inland Empire price points.
The Payment Impact at IE Price Points
$2,442/mo
$465k home (20% down)
at 6.875%
$3,018/mo
$575k home (20% down)
at 6.875%
$3,806/mo
$725k home (20% down)
at 6.875%
$4,595/mo
$875k home (20% down)
at 6.875%
Should You Wait for Rates to Fall Further?
This is the wrong question. The right question is: what is this home going to cost if I wait 6 months? If IE prices continue rising at 6% annually, a $575k home today costs $609k in six months.
Our advice: buy when you're financially ready and when you find the right home. Don't try to time the market.
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Written by RealEdge Team · Published on the RealEdge Blog