The post Mortgage Calculator: This Is How Much You Need To Buy a $416,880 Home With a 6.72% Rate appeared first on Real Estate News & Insights | realtor.com®.

These are today's mortgage and refinance rates. Mortgage rates might not drop as much next year if the Fed only lowers rates a couple of times.

Each point costs 1% of the purchase price of a home and usually knocks the rate down by 0.25%. On a $400,000 home, you'd pay $4,000 for one discount point. The lender may even allow you to buy four mortgage points to lower the rate from 7% to 6%, though you'd have to shell out $16,000 to get there.

Based on the Fed's new decision, interest rates are now reduced by a quarter percentage point, moving to a range of 4.25 and 4.5 percent.

The Fed recently announced its third interest rate cut in 2024, but mortgage rates haven’t been impacted much. In fact, weekly mortgage rates have ticked upwards since October d