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Curious About Mortgage Interest Rates?

Hello Hampton Roads,
Curious about mortgage rates?  I thought so!
Today I'd like to talk a bit about current mortgage interest rates for those of you thinking of buying ta home.  Looking at the monthly trend of rates in the image below, we see that rates are down from where they were a year ago!

The Trend is Your Friend
This is good news for home buyers because lower rates mean you can buy more house for the money. Typically for every 1% increase in interest rates, buyers lose about 10% purchasing power and that 10% can mean the difference between being able to buy a home you love to a home you like.  To put this in perspective, according to our MLS (Multiple Listing Service), the median sold home price in South Hampton Roads as of September 2019 was $256,345. If a home buyer were qualifed for the median purchase price and rates went up by 1%, this would reduced the buying power by approximately $25,000.00.

Timing is Everything
Timing is everything and buying in the fall combine…

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