How do interest rates work?

Happening NOW: Interest rates, simplified. 

An interest rate is the “price” a lender charges a borrower for a loan. Just like a pair of jeans at your favorite store, every loan has a price tag. That price tag is the interest rate. But instead of dollars and cents, the price of borrowing a sum of money is a percentage of the total amount borrowed. 

Interest rates rise and fall daily based on loan type (rates are typically lower for shorter-term loans), what the Feds are doing (the U.S. central bank), and, yes, inflation. 

Keep in mind that interest rates are only one part of the financial math that comes with a real estate transaction, so don't let the perception of "high" interest rates be a deal-breaker. Part of our commitment to any client is helping them find workable financing, and there are multiple paths for making that happen.

Wanna run the numbers to see what you could afford, or have other questions about buying or selling? Reach out! We would love to hear from you.

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