One of the first things I did as a first-time buyer was to go to the ebook store and purchase a mortgage interest rate book so I could figure out the monthly principal and interest charges on my potential note. We didn't have the internet as we do now where you can find all that information. But, let that go.

We have watched average mortgage interest rates rise from the mid-2% to the mid-7% range (in Massachusetts). With rising prices and still high demand those rates could push some out of the market. BUT, do not fret. Markets go up and markets go down and interest rates do the same. We purchased our home in 1985 and paid over 13%. That took our breath away but we knew enough that rates would come down and they did. We refinanced every 2% drop in rates and one time we dropped the number of years from 30 -25, and wound up paying the mortgage off in 23 years. 

So, do your best to look at the long game and simply purchase a property you can afford even if it means lowering your sights. Your local Professional Realtor® can help you navigate these changing tide waters.

 

Some Highlights

• If you’re looking to buy a home, you should know even a small change in mortgage rates has an impact on your purchasing power.
• These charts show how rates generally affect your monthly payment.
• The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender.

thank you to KCM for compiling the information in this infographic.

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I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com