COST-SAVING OPTIONS FOR BLACK AMERICANS TO CONSIDER AS MORTGAGE RATES EXCEED 7%. Black Enterprise Magazine. Jeffrey McKinney April 22, 2024

COST-SAVING OPTIONS FOR BLACK AMERICANS TO CONSIDER AS MORTGAGE RATES EXCEED 7%.

William Michael Cunningham, an economist and owner of Creative Investment Research, says that though the 30-year rate has increased, it is still much lower than it was in October 2023, when it was about 7.8%. He says that means the monthly costs for today’s buyer on a $250,000 mortgage with a $10,000 down payment is $1,728 at 7.8%, as opposed to $1,613 on a 7.1 % mortgage. He says the difference would save a buyer over $41,300 over the life of the mortgage in payment and interest costs. “That’s four times the amount of the down payment than you placed on the home that you’re buying, giving you more money to buy another house if you decide to do so.” He says another cost-saving option Black homebuyers should consider is energy-efficient mortgages.

See: https://www.blackenterprise.com/cost-saving-options-for-black-americans-to-consider-as-mortgage-rates-exceed-7/

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