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Mortgage Rates Rise at Their Fastest Pace in 10 Years

Real Estate Agent with Keller Williams Realty 311578

According to Business Week, mortgage rates rose at their fastest pace in 10 years.

To put it in perspective  principal and interest on a $200,000 loan at 3.5% would be $898.09 while that same loan at 4.5% would be $1,013.37. Put another way, a purchasers buying power is reduced.  Say for example you qualified for a $200,000 loan at 3.5%, at 4.5% you now qualify for a loan of $177,120 or a nearly 12% drop in what you qualified for a month ago. 

See Business Weeks full article here

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