Mortgage Rates Above 7%: 5 Budget Checks for First-Time Buyers

Scope Scoop THE EVERYDAY EDITION With the 30-year mortgage average at 7.24% on October 29, use five practical checks to compare payments, closing cash and a realistic homebuying budget. TAP TO EXPLORE →

Know the reference rate

Scope Scoop A SMARTER EVERYDAY 01 Freddie Mac’s October 29 survey put the 30-year fixed mortgage average at 7.24%. Your actual lender offer can differ. SCOPESCOOP.COM · 2/7

Count the full payment

Scope Scoop A SMARTER EVERYDAY 02 Add taxes, insurance, mortgage insurance and association fees. Budget for utilities and maintenance separately as well. SCOPESCOOP.COM · 3/7

Translate rates into dollars

Scope Scoop A SMARTER EVERYDAY 03 A $300,000, 30-year loan at 7.24% is about $2,044 monthly for principal and interest only. This is an illustration, not a quote. SCOPESCOOP.COM · 4/7

Protect closing cash

Scope Scoop A SMARTER EVERYDAY 04 Budget for closing costs, prepaids and moving. Check how much savings would remain after the purchase. SCOPESCOOP.COM · 5/7

Compare matching offers

Scope Scoop A SMARTER EVERYDAY 05 Use comparable Loan Estimates and ask about points, credits and rate locks. A low headline rate does not tell the whole cost. SCOPESCOOP.COM · 6/7

Do not depend on refinancing

Scope Scoop THE TAKEAWAY 06 Make the offered payment work today. A future refinance depends on rates, eligibility and costs that are not guaranteed. SCOPESCOOP.COM · 7/7 Read the full guide & sources