If you are thinking about purchasing Lynden, WA real estate you likely have been keeping an eye on the mortgage interest rates. While they have been historically low, they have been forecasted by industry experts to increase at some point in the near future. With rates being either 3.5% or lower for a 30 year fixed rate, it makes sense to get serious about buying a home for sale in Lynden, WA soon.
In fact, the interest rate you get when buying Lynden, WA real estate does more than simply impact your monthly living costs. It also impacts the purchasing power you have when putting in an offer on a Lynden, WA home for sale. Basically, purchasing power is the amount you can afford to spend based on your approved loan amount. As the rates increase, that dream real estate in Lynden, WA you were once able to afford may become out of reach. Even if just by a little bit. If you have room to roam with your budget, this may not be a deal breaker. However, if your number is set you shouldn’t overlook that buying a home could be time sensitive for you. For every single quarter of percent increase in interest rate, the value of the home for sale in Lynden, WA that you can afford, decreases by 2.5%. With experts predicting that rates will by about 4% by Fall of 2017, you may want to start getting serious about purchasing a home for sale in Lynden, WA. Especially because experts are also predicting that this time next year will see a 5% price increase on homes. For more information on buying or selling Lynden, WA real estate, give me a call at 360-410-0848.