Impact of Mortgage Rates
As we all know the mortgage rates are increasing. This will impact the purchasing power on your next home. It’s probably safe to assume the days of getting a 3% mortgage rate are over. The question is whether that will be true for a 4% as we move into the future.
Waiting could cost you
Here’s a chart that shows the impact of the rate increase. As the rate increases, the buying power decreases significantly. Rising rates can hurt buying power even more than increasing home prices.
Mortgage Rates Rising
Freddie Mac Average 30-Year Fixed Rate
January 2022 - March 2022
Source: Freddie Mac
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