We’re ready… We’re finally ready to make the offer. We put it off because we thought interest rates would go lower. Hey honey, can you check what interest rates are today.. Ouch. Interest rates are up. Dang! How much is it going to cost us?
Interest rates have been fluctuating as of late. Not a lot of movement, but enough to think about how much the difference will cost you.
Lets say that you want to buy a home and the price is $400,000. You get pre approved and at the time, interest rates are 4.5 % If you put no money down, your monthly interest and principal would be $2026 per month. If you wait and in the mean time rates shoot up 1%, your buying power has now shrunk about 10% and you would be looking at homes priced around $360,000. It’s important to keep track of what’s happening with interest rates when you are actively house hunting. Call me with any questions. Check out my website www.CapitalRegionHomesForSale.com