Page 28 Fall Home & Garden | September 2024 Lincoln Daily News for a house today. According to Forbes, the average down payment on a house in Illinois is fourteen percent. Also, according to US Bank, the current APR (annual percentage rate) of a 30-year mortgage is 6.133 percent. Let’s apply these numbers to the average selling price of a house in Lincoln, according to Redfin, from earlier ($123,700). A down payment of fourteen percent would set you back over $17,000 but would help in keeping your monthly mortgage payments lower for the term of the loan. With all the above information considered, you would be paying approximately $794 a month with all of the fees included (insurance, property taxes, etc.) This is only a rough estimate, but if we multiply this number by 360 (the number of monthly payments over 30 years), we see that you will have paid $285,840 for that house. Just for context, with no down payment, your monthly bill would shoot up to $899 per month, with $323,640 being paid over the term of the loan. With all these numbers in mind, buying a house can seem like a scary thing to do at the moment. Interest rates, however, may be on the decline soon. According to the Associated Press, job reports (the number of jobs added month-to-month) have been “sluggish.” This indicates the Federal Reserve could start cutting interest rates a little here and there by the end of the year. Now might not be the time to buy, but it could be soon. At the end of the day, though, only you are the one who can determine whether it is time to buy a new house. Just make sure that you have as much information as you can before committing. [Matt Boutcher] https://www.ramseysolutions.com/real-estate/ best-time-to-buy-a-house#:~:text=Keep%20 in%20mind%2C%20winter%20is,and%20 snow%20to%20deal%20with). https://www.redfin.com/us-housing-market https://www.redfin.com/state/Illinois/housingmarket https://www.redfin.com/city/11091/IL/Lincoln/ housing-market https://money.usnews.com/loans/ mortgages/articles/historical-mortgagerates#:~:text=From%201971%20to%20 present%2C%20the,12%2C%201981. https://www.bankrate.com/mortgages/ mortgage-calculator/ https://www.forbes.com/advisor/mortgages/ average-down-payment-on-a-house/ https://apnews.com/article/jobs-hiring-federalreserve-inflation-unemployment-economy-bac 1b453d3873d5f23f2061344d28fd9
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