Daily Money - How much house can you afford?

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Today's Timely Tip
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Many expected the recent rate cuts to drive mortgage rates down. In reality, rates have been steadily increasing in the six weeks since the Fed announced the first cut, rising by 0.70 percentage points. This is because long-term debt instruments like mortgages generally don’t react quickly to changes in the federal funds rate. With that in mind, now may be a good time to act. Some of our mortgage partners offer fast preapprovals so you can quickly get a feeling for how much house you can afford. Check out Money’s top mortgage lenders of 2024 to get started!

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