Interest rates, mortgages and buying power are all related and effect every home buyer who is not a cash buyer. Nationally, the majority of all real estate purchases involve a lender. Most of the larger lenders offer a series of products and programs that they hope will match the need of the buyer. Some loan programs offer no or little documentation, first or second home, no credit score, new construction, fixed or adjustable rate, negative amortization, land type and many more. These programs are designed to capture customers who have different concerns and limitations, some without taking interest rate into consideration.
Below is a graphic provided by Keeping Current Matters utilizing Freddie Mac’s information. Many times customers ask about the effects of interest rates, mortgages and buying power; we thought this graphic is an excellent visual aid. There are some important highlights we would like to share:
- Interest rates historically are low, making payments lower.
- Lower interest rates generate a larger buying power allowing customers to consider higher priced homes.
- Lower interest rates generate more buyers in the housing market, more people can qualify for mortgages.
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We would like to invite you to visit TurnerGroupSells.com. Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.
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Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC
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