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I can remember my parents paying around 18% on there mortgage back in the day.  Truly a dismal prospect.  The interest rate you pay, has a huge difference on the amount of your monthly payment for you home.  In fact, not only does it affect how much you can afford, but it may make the difference  whether you can purchase or not at all.  Interest rates for now, continue to be at historic lows.  The chart below, provided by the California Association of Realtors, is designed to help you understand how much even a small fluctuation in interest rates will affect your payment.  So do yourself a favor, and don’t wait too long to buy.Image

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