Here is what happens when the rates change on a $300,000 loan:
This chart shows that if the rates jump just 1 1/2%, your purchasing power drops nearly $43,000.00.
Tuesday, July 10, 2007
Waiting to buy could cause you to afford much less!
The risk of waiting to buy for a lower purchase price versus a higher rate, You might be surprised. On one hand, rising interest rates will mean a bigger monthly payment for the same loan amount. But on the other, such higher payments may also start pushing home prices downwards. Unfortunately I don't have a crystal ball, but here are some numbers that clearly show the Effect of Interest Rates on Monthly Payments.
Here is what happens when the rates change on a $300,000 loan:
This chart shows that if the rates jump just 1 1/2%, your purchasing power drops nearly $43,000.00.
Here is what happens when the rates change on a $300,000 loan:
This chart shows that if the rates jump just 1 1/2%, your purchasing power drops nearly $43,000.00.
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