Interest Rates 101- 2 Minute Read Drill
What do interest rates mean when buying a home?
With interest rates on the rise, it’s important to understand how interest rates will affect your monthly mortgage payment.
Lastly, as interest rates increase, if your monthly income doesn’t dramatically increase, you will be able to qualify for less and less of a loan amount. Which also means you will be able to buy a less expensive home.
FYI- Median price of a single-family home in Orange County, June 2018- $835,500