Setting Your Max Purchase Price When Mortgage Rates Cross 8% |
October 23, 2023 |
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As mortgage rates go up, your purchasing power drops.
The relationship is direct. For every 1 percent increase in mortgage rates, your maximum home purchase price drops by 11 percent.
Since February, rising rates have taken 20% off what you can afford, so it's important to re-assess and recalibrate your home purchase parameters.
If you pre-approved your mortgage earlier this year, it's time to pre-approve your mortgage again.
Click here: See how much home you can afford.
When a lender pre-approves your mortgage, you find out how much home you can buy and your rates. Your lender will tell you how far your payment takes you.
But first: watch this video on picking the right payment.
As mortgage rates rise, getting a home that meets your budget becomes more important. There's less room for error. So take control and be the best buyer you can be.
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Dan Green NMLS #423065 See today's mortgage rates here
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HOMEBUYER.COM STATISTIC OF THE DAY Source: FFEIC
The Top 10 ZIP Codes for Gen Z Home Buyers:
- Atascosa, Texas 78002
Jarrell, Texas 76537Odessa, Texas 79762San Antonio, Texas 78245Hockley, Texas 77447Clarksville, Tennessee 37042Nevada, Texas 75173Lubbock, Texas 79416Jacksonville, North Carolina 28546Summerville, South Carolina 29483
Data represents purchase mortgage transactions for residential,
owner-occupied 1-4 unit properties in 2022.
See the top 50 ZIP codes for Gen Z buyers here.
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MORTGAGE RATE
CALENDAR Upcoming events that may change the direction of mortgage rates
October 25, 2023: New Home Sales
October 26, 2023: GDP
October 27, 2023: Personal Consumption Expenditure
October 31, 2023: Federal Open Market Committee Meets
Subscribe to our YouTube channel for additional insight.
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FIRST-TIME HOME BUYER PROGRAMS Status of select
first-time home buyer bills in Congress The Downpayment Toward Equity Act A cash grant up to $25,000 for first-time, first-generation home buyers. - Last Action in Congress: June 21, 2023 - Status: Not yet passed - Alternative Mortgages: Conventional 100, 100% USDA
The DASH Act A $15,000 first-time home buyer tax credit. - Last Action in Congress: March 7, 2023 - Status: Not yet passed - Alternative Mortgages: HomeReady, HomePossible
The HELPER Act A 100% mortgage for teachers & first responders. - Last Action in Congress: May 10, 2023 - Status: Not yet passed - Alternative Mortgages: Conventional 100, VA Mortgage
The LIFT Act A mortgage that builds home equity faster. - Last Action in Congress: June 22, 2023 - Status: Not yet passed - Alternative Mortgages: None
The Middle Class Mortgage Insurance Premium Act
A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.
- Last Action in Congress: June 13, 2023 - Status: Not yet passed
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