Mortgage Rates Drop to Low 6%: What Bend Buyers Need to Know Now
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The phone calls started coming in last week. Buyers who'd been sitting on the sidelines since rates climbed above 7% suddenly wanted to talk numbers again. The reason? Mortgage rates have fallen to their lowest point in over a year, hovering just above 6% for qualified borrowers.For Bend's real estate market, this shift changes the equation in ways that go beyond simple monthly payment calculations. The question isn't whether lower rates matter—they do. The question is what smart buyers should do about it right now.The Monthly Payment RealityA half-point drop in interest rates might not sound dramatic until you run the numbers on Bend's median home price. On a $650,000 purchase with 20% down, the difference between a 6.5% rate and a 6% rate amounts to roughly $170 per month. Over a year...
Comments
3