After much anticipation, we have finally seen mortgage rates decline. This allows buyers to afford more houses for the same monthly payment they were already expecting.
I recently had a FHA buyer that was pre-approved for $400,000, but after rates dropped they were able to afford $435,000 for the same monthly payment they were already expecting to pay. That’s a $35,000 boost to their purchase price all because of interest rate improvements.
If you have any buyers, I highly recommend they revisit their pre-approvals. If there is I can do anything to help, please contact me directly at 314-221-7797.
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Andy Schoemehl | Vice President |
