Everyone is ready to buy a home at a different time in their lives, and a health crisis or not, today is no exception. Understanding how affordability works and the main market factors that impact
Interest Rates And Buying Power
Let's face it, we've been blessed for several years with very low-interest rates. These low rates have nearly doubled a buyer's buying power over where they have been historically back to the 1980s. Looking ahead as the Federal Reserve continues to raise the rate mortgage rates are sure to follow. The mortgage rate has risen about .5% over the last six months.
What does this really mean for obtaining a mortgage? See the chart below for an illustration of buying power versus interest rates.
It's a great time to lock in a low-interest rate. Give us a call today and we can refer you to our lending partner to be able to take advantage of this near historically low rates.
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Many fear a stalled market due to the spread of COVID-19. However, according to the newest Economic Pulse Flash Survey from the National Association of REALTORS® (NAR), buyers are out