With the interest rate on a 30 year mortgage averaging a mere 4.0% this week – the lowest it has been since early 2013 – buyers are scurrying to find homes while the going is good. Each percent increase/decrease in interest rate represents a 10% increase/decrease in buying power. For example, a buyer looking for a $600,000 home could purchase up to $660,000 for the same monthly payment. Or, they could buy at $600,000 and have lower monthly payments. Either way, buyers win when the rates drop.
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