Imagine saving over $200 a month on the same home, just because mortgage rates dropped. That is what is happening now. Mortgage rates have fallen to their lowest levels in nearly a year, and buyers in Sonoma County have more purchasing power than they have had in months.
How Much Home You Can Afford Now
Here is how the math works with Sonoma County's median home price of around $800,000, assuming 20% down on a 30-year fixed loan:
At 6.50%, the monthly principal and interest on an $800,000 home is about $4,552. At 6.13%, that same payment drops to about $4,326. That is over $2,700 per year — simply from the rate drop.
"Even a small rate drop can mean tens of thousands of dollars in additional purchasing power over the life of a loan."
If you have been on the fence about buying in Sonoma County, the rate environment right now deserves a serious look. The cost of waiting can be significant if inventory tightens or prices adjust upward.
Want to see what you can afford at today's rates?
A rate change of less than half a percent can mean tens of thousands in purchasing power. Let's run the numbers for your specific situation.