Do you know how much purchasing power you possess?
During the last months, mortgage interest rates have reacted to favorable economic news and are now considerably lower than last October’s painfully high numbers. This adds up to additional purchasing power for you!!
How? You can now afford MORE house for your money! For example, homebuyers on a $3,000 monthly budget may now qualify for financing on a $453,000 home with a 6.7% mortgage rate (depending on down payment, credit score and other factors). This adds up to a nearly $40,000 increase in purchasing power when compared to last October. Back then, with the same monthly payment at the higher rate, we would have been shopping in a lower price point around $410,000.00
Let’s look at your budget from another perspective. Monthly payment. A typical home in area has an average sticker price around $363,000. The monthly payment with an average 6.7% rate is $2,545. The monthly payment for the same property was nearly $200 higher–$2,713–when rates were at 7.8% back in October!
More home buyers are coming to terms with mortgage financing that’s within the 6% interest rates and I am helping them WIN deals with anxious sellers in our shifting market.
It’s Your Move for 2024. Let’s discuss how I can help!
