Mortgage rates are on the rise, and the more they go up, the more your purchasing power goes down.
Imagine you can afford to pay $1,600 on your monthly principal and interest payment. If mortgage rates rise just 1%, you’d have to pay an extra $200 a month for borrowing the same amount of money. Or, you could settle for a lower-priced house to stay within budget.
Why take that risk? If you’re ready to buy, make your move now while rates are still affordable.