Due to this recent increase in rates from 3.3% to 4.5% in just - TopicsExpress

Due to this recent increase in rates from 3.3% to 4.5% in just over 6 weeks, a buyer has lost roughly 10-15% in purchasing power! So a buyer who was approved at $400k 6 weeks ago, can now only afford $340k using the same monthly payment today. This is going to affect any buyers not in contract yet. So for any buyers who have been shopping for homes for the past several months, or anyone who is waiting on a short sale to get approved, it is advisable they verify their mortgage payments and desired purchase price range are still affordable with these new higher rates. Otherwise that home they thought was affordable, is now no longer affordable. Give me a call at 516-984-0488 for all yr Real Estate needs.

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