“Long-term mortgage rates have recently declined from the upper 6% range into the low 6% range, creating a meaningful difference in affordability for homebuyers,” says Cameron Lewis of Acopia Home Loans.
To illustrate the impact, Cameron shares an example: on a $500,000 loan, a rate of 6.875% results in a monthly principal and interest payment of about $3,285. At 6.125%, that same loan would carry a payment of approximately $3,038—a difference of $247 per month, or nearly $3,000 in annual savings.
He also explains how this affects purchasing power. With that same $3,285 monthly budget, a borrower at 6.125% could now afford a loan of approximately $540,600—more than $40,000 in additional buying power compared to just a few weeks ago.
“This shift is especially impactful in Western North Carolina” Cameron notes. “Almost a year after Hurricane Helene, our region is experiencing a resurgence—paired with lower borrowing costs, we’re seeing renewed energy and increased real estate activity across our communities.”
If you’d like to connect with Cameron to explore your mortgage options, you can reach him at:
Cameron M. Lewis
Mortgage Loan Advisor
Regional Sales Manager
NMLS 112509
828-231-4909 or clewis@acopiahomeloans.com
Or for expert guidance on how these changes relate to your success in the real estate market, contact Collin O’Berry at 828-772-1667 or collin.oberry@gmail.com
