Sellers when you have an offer on your home today... read below... same offer may not exist next week. Available pool of buyers is shrinking as well as after an offer they still may not be able to buy if they did not lock - in their rate!
Buyer beware, call your agent and call your mortgage representative today:
Numerous buyers can no longer buy the same house that they were looking for last month. The rates have increased so much that the monthly payment is now out of their reach.
Rates increasing by 1% ... from 3.25 % to 4.25 % = 1% increase.... (using these rates as an example, not confirming today's rates)
If the buyer borrows a mortgage in the amount of $250,000... payments have increased by $142.50/month
If the buyer borrows a mortgage in the amount of $300,000...payments have increased by $171.00/month
If the buyer borrows a mortgage in the amount of $350,000....payments have increased by $199.50/month
If the buyer borrows a mortgage in the amount of $400,000....payments have increased by $228.00/month
Buyer beware, call your agent and call your mortgage representative today:
Numerous buyers can no longer buy the same house that they were looking for last month. The rates have increased so much that the monthly payment is now out of their reach.
Rates increasing by 1% ... from 3.25 % to 4.25 % = 1% increase.... (using these rates as an example, not confirming today's rates)
If the buyer borrows a mortgage in the amount of $250,000... payments have increased by $142.50/month
If the buyer borrows a mortgage in the amount of $300,000...payments have increased by $171.00/month
If the buyer borrows a mortgage in the amount of $350,000....payments have increased by $199.50/month
If the buyer borrows a mortgage in the amount of $400,000....payments have increased by $228.00/month
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