Sep 5, 2024 - News
Mortgage rates and monthly payments
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A single percentage point might not seem like much, but it can save San Francisco-area buyers thousands of dollars a year on their mortgage payments.
By the numbers: If you bought a median-priced ($1.51 million) San Francisco-area home in July and put 20% down, you'd be paying an estimated $8,835 per month for your mortgage at an 8% interest rate, compared to $8,010 at 7%, per Redfin.
- That's a difference of $9,900 per year.
The other side: When you put it in a chart like this, it's easy to see why homeowners with those 3% rates won't be moving anytime soon.