Interest Rates are Climbing…Time for Buyers to Get off the Fence!
In case you missed it with all the election news…interest rates are headed up. Just a little data: an interest rate increase of .5% on a $500,000 loan, means an additional $180 in monthly mortgage payment, which translates to almost 10 percent less buying power on a $500,000 purchase. Ouch!
If you have been considering a home purchase, now is the time to get off the fence.