What Is Your Purchasing Power?
Your purchasing power is the amount of home that you can afford to buy that is within your financial reach. This is impacted by mortgage rates because they affect the monthly payment that you’ll have to make on the home you purchase.
If you’re planning to buy a home, it’s important to pay attention. Today, the average 30-year fixed mortgage rate is above 5%. The home search is difficult in Fargo-Moorhead right now due to the low availability of homes for sale. However, you will feel much more comfortable if you are able to find a home within your budget now, compared to waiting until rates increase.
Work with a Realtor who can help with making the right decision for your situation and a trusted lender to make sure you are looking at homes within your budget. If you are considering buying a home, reach out to us so we can help you achieve your dream of homeownership this year.