09/17/2026
🏡 Mortgage rates are nearing 7% again—but what could that mean for your home-buying budget?
A higher interest rate can increase your monthly payment and reduce your purchasing power, but it doesn’t automatically mean you need to put your home search on hold. The key is understanding the numbers and exploring the options that may be available to you.
For a $400,000, 30-year fixed-rate mortgage:
🔹 At 6%: approximately $2,398 per month
🔹 At 7%: approximately $2,661 per month
That’s about $263 more each month—or approximately $3,156 more per year—for the same loan amount.
Another way to look at it: If your comfortable principal-and-interest payment is around $2,400 per month, you could finance approximately $400,000 at 6%, but closer to $361,000 at 7%.
That’s nearly $40,000 in purchasing power.
The good news? You may still have options. Seller concessions, temporary or permanent rate buydowns, purchase-price negotiations and choosing the right loan program may all help. Availability and eligibility vary, so review these possibilities with a qualified lender.
Before you decide to sit on the sidelines, let’s run the numbers and create a strategy that fits your goals. You may have more possibilities than you think!
📲 Call or message me at 321-689-6608.
Shawn Benak-Mason, REALTOR®
ERA Grizzard Real Estate
📞 321-689-6608
Payment examples are based on a $400,000, 30-year fixed-rate mortgage and include principal and interest only. They do not include taxes, insurance, HOA fees or other costs. Rates, payments and qualifications vary by borrower, lender and loan program. This information is for general educational purposes only and is not a loan offer or financial advice.
