If you have been considering purchasing a home now is the time to do it.
In fact, on average for every 1% rise in rates your borrowing power will go down by about 10k per every 100k you borrow.
Mortgage rates got higher last week.
There are several financial reports out this week that will likely effect rates, starting with May’s Durable Goods Orders on Tuesday. This report tracks orders for big ticket items.
A decline in orders would actually be the best scenario for the bond market, which helps lower mortgage rates.
I’ll keep you posted on these reports…
So, if you are worried you might not be able to qualify for that special house – give me a call or shoot me an email. I’ll let you know if you would qualify today!
Brett
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