With mortgage interest rates hitting record lows so many times recently, some are wondering if we’ll see low rates continue throughout 2021, or if they’ll start to rise. Recently,
Interest Rates And Buying Power
Dated: June 9 2017
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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