How interest rate impacts your buying power

Mortgage interest rates have been a big topic of conversation lately, and with the Fed raising rates last week it is becoming more than just talk. But what difference does that make on the home you can afford to buy? If you want to keep your monthly principal and interest payment under $1,000, you could buy a $205,300 house at 4.16% interest. That is still about half the historical average rate of 8% so still a good rate, but 2017 could be the year to think more seriously about making a move.

20161216-Cost-of-Interest-STM

Chart from Keeping Current Matters

Sharlene Hensrud, RE/MAX Results – EmailMinneapolis – St. Paul Real Estate Market

HomesMSP Team- SharleneJohnAngela Minneapolis-St. Paul Realtors

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.