As rates rise, your buying power falls
People getting a median-priced home in the Baltimore area and making a 20 percent down payment on a 30-year fixed-rate loan will pay $1,188 extra a year than if they'd borrowed in April, Zillow says. (It based its calculations off rates offered through its Mortgage Marketplace to borrowers who had "good or better" credit scores.) The change in the annual percentage rate? From 5.75 percent in April to 6.44 percent in June, Zillow says.
It's a useful reminder that dropping prices won't always mean a better bottom line.