Tuesday, July 11, 2017 / by Willie Smith
Now is the best time to buy homes for sale in Greenville NC, According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.96%, which is still near record lows in comparison to recent history! Rates are up .08% from last month.
You may be wondering what's the big deal in 1% increase in rates, how will this effect my purchasing power for homes for sale in Greenville NC?
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.
Lets assume you are buying a home for sale in Greenville NC where the median sales price is $148,500 according to the The Shackelford Report. Your mortgage payment would be $678 @ 3.96%, if your rate goes up just 1% point, your mortgage payment would be $763 @4.96%. That is an $85 difference in monthly payment, which over the life of the loan, that is an $30,600 difference!
Simply put, take advantage of the low interest and start looking for your next house for sale in Greenville, NC Today!