Wenatchee Interest Rates And Buyers Home Purhasing Power

Dated: November 6 2016

Views: 2722

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According to Freddie Mac's latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.47%. Rates have remained at or below 3.5% each of the last 16 weeks, marking a historic low. 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 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 at or about $1,100 a month. 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, $6,250). Experts predict that mortgage rates will be closer to 4% by this time next year. Act now to get the most house for your hard earned money. Find every North Central Washington Real Estate Listing at www.NCWhomes.com



Find Every North Central Washington Real Estate Listing at www.NCWhomes.com

Wenatchee, East Wenatchee, Chelan & Leavenworth Real Estate.

Melissa & Kent Kiser

melissa@melissakiser.com

509-668-8800

REMAX Landmark

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