Effects of Mortgage Rates on Buying Power

REDUCTIONS in mortgage rates can significantly improve a buyer's ability to afford a home, but RISING interest rates can wipe out any savings from declining real estate prices!

A $300,000 house with 20% down  and a 30-year fixed rate mortgage at 6% costs $1,440 per month

AND

A $285,000 house with 20% down and a 30-year fixed rate mortgage at 6.5% costs $1,440 per month

A 5% reduction in home prices is required to offset each 1/2% increase in mortgage interest rates. Rates are low-consider buying TODAY!!

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