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Mortgage Interest Rates Affect Your Purchasing Power

Buying a Home

Yes, mortgage interest rates are changing again. While this is an unpleasant topic for most buyers, it may indeed affect a buyer's purchasing power. This term refers to your actual ability to spend that portion of your income that will be applied to a mortgage.

The live chart below shows a dynamic change in mortgage interest rates over the last 60 days. They are variable and will cycle with the market. Conversely, these rates are among the lowest that they have been in many years! It's actually a good time to buy a home.

Mortgage Rates and Trends

So... how does one digest this data? Be aware that for every interest rate rate increase of 1%, your real purchasing ability lowers by $10,000 for every $100,000 of purchase desire. To translate; if you had budgeted to spend $100,000 for a new home at 3.75% APR, and the rates rose to 4.75%, you now can actually spend $90,000 for your home. The chart below depicts this. You can see additional rates and purchase amount options here.

Be aware that mortgage interest rates can and will affect your home purchase in this manner. Discuss your options with a mortgage professional and make your purchase decisions accordingly.

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