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
League City Homes for Sale
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