Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
âFor example, a 30-year loan will have a higher monthly payment at 5 percent than one at 4 percent because of the additional interest in each payment. So, all else being equal, such as oneâs credit rating, rising rates make it more expensive to borrow money.â. For instance, if you have a 30-year fixed mortgage on a $200,000 house, if the interest rate increases from 4.5 percent to 5 percent, youâll be paying about $83 more a month in interest for the same house.