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.

Interest Rate - $400,000

 

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

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