Mortgage Rates Back on the Rise
Rates for 30-year fixed mortgages rose to 4.39 percent this week from 4.17 percent a week ago. Remember just a few weeks ago when the 30 yr mortage rate was around 3.5%??? That is almost a whole point rise in the past few months. A 1% increase in interest rates lowers your purchasing power by 10%! Ouch! This means if you have been waiting to buy a home, you just lost 10% of value. You now have 10% less to buy a home with. Example: last month you could afford a $200,000 home. Now you can only afford a $190,000 home. What are you waiting for?
\nBy: on November 19th, 2010 Category: Uncategorized