Mortgage Rates

Nov. 4, 2011

Obama rolls out new plan for home owners: Home Affordable Refinance Program (HARP)

Recently we’ve had questions about the new government program, HARP (home affordable refinance program).  HARP is another program rolled out to help struggling home owners lower their interest rate and stay in their home. It’s designed for people who need to refinance and lower their monthly payments, but due ...

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Aug. 21, 2011

The 1%/ 10% Rule of Interest Rates And Why You Will 10% of Your Buying Power...

When mortgage interest rates rise by 1 percentage point buyers lose 10% of their purchasing power.

For example,

If a buyer can afford a mortgage payment of $1,000 per month, in today's market with a 4.5% loan they can borrow $200,000 for their mortgage.  Assuming the ...

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Posted in Mortgage Rates