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How much of an impact would rising interest rates have if you planned to purchase a home? See chart...

Low Interest Rates Have a High Impact on Your Purchasing Power

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history!
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.
The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments between $1,850-$1,900 a month.
Low Interest Rates Have a High Impact on Your Purchasing Power | MyKCM
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.

Act now to get the most house for your hard-earned money.


~keepingcurrentmatters.com~
Location: Connecticut, USA

About Me

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Rob Rosa, Berkshire Hathaway NE Prop.
My focus is helping people increase their lifestyle. I love my huge family and work tiredlessly to help them and my clients everyday. I have been working in real estate since 2000. I have been awarded numerous Top Agent awards and am currently ranked in the Top 1% of the Berkshire Hathaway HomeServices global network, over 52,000 agents. I am also the Founder and Instructor of Rubicon Crossings School of Real Estate: offering state of CT approved pre-licensing class, get info at http://ctrealestateschool.info. My extensive experience is: top producing sales and marketing executive focused on quality service and relationship building. Have over 30 year’s experience helping people in busines, including with two Fortune 100 companies; UPS, UHG and Berkshire Hathaway HomeServices: project management, mortgage lending, residential, commercial and franchise sales, property management and real estate education leader. I live in East Hartford and work all over central CT. My office address is 196 Berlin Turnpike #5, Berlin, CT 06037 and I have been involved in many events in Rocky Hill and Glastonbury. I look forward to helping you every way I can.

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