One of the main reasons why its been so busy in real estate right now is that buyers are trying to lock in their mortgage rates since it has been slowly climbing and has reached above 5% on a 30 year fixed loan – the highest level in nine months. Did you know that if you had 20% down payment and wanted to keep your payments at say $2,500/month with a 4.75% interest rate, your purchasing power can get you approximately a $600,000 worth of property. If the interest rate jumps 1% higher to 5.75% and keeping your payments the same at $2,500/month, your purchasing power drops to approximately$535,000. Thats almost 11% less purchasing price that you can get. Definitely a great time to Buy.

Mortgage rates on 30-year fixed loans soar above 5%