The affordability index is a helpful tool to show the proportion of the population that will be able to afford a median price home in their particular state. The higher the affordability index , the more households are able to purchase homes.
Current Mortgage Interest Rates
Interest Rates determine the amount of a loan a borrower can get. The higher the interest rate, the lower the loan amount, and conversely, the lower the interest , the higher the loan amount. Based on these facts, the best housing market would be created with an adequate housing inventory, a high affordability index and low interest rates. Here in the state of California house prices are very high compared to other markets across the nation. A fix upper in the metro Los Angeles area will run you at least $399,000.00. Median home prices in California will be discussed in my next blog.......
Eddy Martinez
Best Rate Funding - Direct Lender - Wholesale Rates
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