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How Interest Rates Affect Purchasing Power

Welcome back to my video blog. A lot of people have been asking me lately whether now is the time to buy or not.

There are two important factors to look at and those are the increasing home prices and the increasing interest rates.

Homes now are more affordable than ever, but that will soon change. In fact prices have been increasing by about .84 percent a month in Washington County.

Interest rates are also phenomenally low right now. That will soon change too. Rates have remained low because the Federal Reserve has continued purchasing bonds. As the economy improves, however, they will scale back their purchasing causing interest rates to increase.

So what do interest rates really matter? They actually play a huge role in your purchasing power.

If you have a monthly budget of $1,500 for a mortgage payment, right now with a 4 percent interest rate you could purchase a $350,000 home.

If that rate increases up to 5 percent, to stay within your budget, you are now looking at a $311,000 home.

With each point increase, the value of home you can buy drops by about $30,000. That’s why it’s so important to make your move NOW.

The Federal Reserve meet in mid Dec and we expect them to announce the beginning of their scale back.

Give me a call today so we can start looking for your new home and lock in that low rate.

Thanks for watching.