How Will Higher Interest Rates Affect Your Buying Power?

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As you may have heard, interest rates recently increased by 0.25%. How will this affect mortgages across the board? It really won't have a large effect. The media is really preying off this and making it seem like a huge downturn in affordability is going to happen.

However, I don't see rates getting any lower in the future. This is why if you've been on the fence about buying a home, you should make moves to purchase one in 2016. The longer you wait, the more you'll end up paying for a home. If you act now, you can save thousands of dollars in interest payments over the years.

Overall you shouldn't be worried about a massive drop-off in affordability. This increase will happen slowly, but it will surely happen. For sellers - now may be a good time to capture some last-minute demand as buyers purchase when affordability is highest. You can bank on this increase if you price your home attractively.

As always, if you need help buying or selling a home, please don't hesitate to contact me!

Where Are Interest Rates in Jonesboro Heading?

Buying a Jonesboro home?  Get a full home search

Selling your Jonesboro home? Get a free Home Price Evaluation

Today, we discuss where mortgage rates are heading and how they affect home sellers! 

You've been hearing it for years, but it's true: interest rates are near all-time lows! They bump up .25%-.5% here and there, but they have consistently hovered around 4% for 30-year fixed rates and 3% for 15-year fixed rates. This inexpensive money means home buyers can afford more home, and it means sellers can get more out of their house!

In today's market, you can buy a wonderful home at a very affordable price. We've even come across some renters who have made the jump to home ownership because it was cheaper than renting! The market is in a great place, so now is a great time to consider taking advantage of it. Rates can get no lower and are expected to rise in the coming year, so you don't want to miss a great opportunity while it's available!

If you have any questions about our market, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!