How lower interest rates increase your buying power
Mortgage interest rates for loans on Spring Texas homes have been sitting at historical lows for quite a while now. Back in 2003 which is not that long ago, mortgage interest rates were 6.25% while today’s interest rates on 30-year loans are 4.25%. The lower the mortgage interest rate the more buying power you have.
But the interest rates can’t stay this ridiculously low forever. They are going to have to head back up. Before mortgage interest rates are back in the 6% range, it’s time for a refresher course on how lower interest rates increase your buying power.
The video was created by Prudential Locations out of Hawaii. Although I would love living in Hawaii, my pocketbook is happy I am living in Spring Texas. Because Spring Texas real estate is an absolute bargain compared to the prices of Hawaii real estate.