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Mortgage Rates and Purchasing Power

July 27th, 2011 | Author: Marketing @ Atacan Group

Mortgage rates are the key to home affordability.  A 1% rate change creates a 10.75% purchasing power change.  This means they have much more of an impact on a buyer’s ability to afford a home than the actual asking price ever will.

Think about Q1 2011. Home affordability made all-time records that quarter. It wasn’t that home prices were suddenly lower than ever before. It’s that mortgage rates were. With each tick lower for rates, purchasing power increased.  The math works in reverse, too. Rising mortgage rates harm affordability. -Dan Green The Mortgage Reports

Dan Green is a loan officer with Waterstone Mortgage.  Check out the rest of Dan Green’s article for more on this topic.

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