A 1.5 percent decrease in mortgage interest rates increases your buying power big time! If you want to keep your monthly payments at $900, for example, an interest rate of 6.5% would mean you could spend $142,500 on a house. With an interest rate of 5%, your $900 monthly payment would get you a $167,500 house ¾ an increase in buying power of $25,000!
Rates are at historic lows, so call your Realtor® today to see what rates you qualify for! Don’t have a Realtor®, click here to find one.