I recently got a short chart from a loan officer colleague that shows how the new lower rates are affecting housing affordability.  You can really look at this chart in two ways:

1. The lower interest rate creates a much lower monthly payment
2. The lower rate allows you to buy more house (i.e., a house with a higher sales price)

Either way is good news for qualified borrowers. Whether you’re refinancing your current home or in the market to buy a new home.  These new, lower interest rates are a huge plus. Don’t forget the $7,500 tax credit for first time home buyers! That makes buying a home even more affordable.

If you’re interested in how much your monthly payment might work out to be or just interested in how much house you can afford shoot me an e-mail or give me a call at 240-417-9100