Fixed-rate mortgages increased by half a percent this past week as the 30-year, fixed-rate mortgage soared to 4.46% from 3.93%.
This half-a-percent increase translates to new homeowner spending hundreds of dollars more each month, CBS News claims.
The news agency says a 30-year loan on a $165,000 property obtained with last week's rate of 3.93% will cost $786 per month. At the new 4.46% rate, this amount soars to $832 per month, which is roughly $16,560 throughout the loan's lifecycle.
On a 30-year loan priced at $300,000, a borrower will spend an extra $33,120 to pay off the debt.