How the interest rate impacts your $$$

As everyone now knows, the Federal Reserve is slowly inching up the rates as the economy is back on track post-recession.

This is a good graphic using the median price in California ($551,000) and showing what each half-percentage point looks like in terms of monthly payment and minimum income needed.

Be aware though, that these numbers assume a 20% down payment. However, there are many options for low down payment programs in LA County.

But this gives a good, general idea. Keep in mind the current rates are still extremely low (historically speaking), hovering around 4 to 5%.

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