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Home / Meckcetera / Homebuyers on a $2,500 Monthly Budget Stand to Lose $23,250 in Spending Power as Mortgage Rates Rise from Record Lows (access required)

Homebuyers on a $2,500 Monthly Budget Stand to Lose $23,250 in Spending Power as Mortgage Rates Rise from Record Lows (access required)

A homebuyer would lose $23,250 in spending power with a mortgage rate of 3.25% versus a 2.75% rate, where they were sitting earlier this year, according to a report from Redfin (www.redfin.com). At a 3.25% interest rate, a homebuyer can afford a $506,000 home for $2,500 per month, down from the $529,250 they could afford ...

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