Arkansas Real Estate | Deaton Group Realty

Little Rock, North Little Rock, Maumelle, Bryant, Benton, Sherwood and surrounding areas

Little Rock AR Real Estate

Mortgage Rates Back on the Rise

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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? 

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By: on November 19th, 2010 Category: Uncategorized