Crown Gaithersburg MD | How Current Interest Rates Can Have a High Impact on Your Purchasing Power

 

As Gaithersburg has developed over the years, many neighborhoods are now blended with one and another without any distinction or personalities. 

Not in CROW, the newest and most vibrant community in Gaithersburg MD   

Located next to Rio, this new and unique neighborhood is separate in four groups   

 

* Downtown Crown   

* Crown West   

* Crown Central    

* Crown East   

 

If you are looking for city-living style with a flair of urban village, The Crown community has everything to offer and more.    

There is even a direct Metro Shuttle between the community and Shady Grove Metro Station to connect you directly with Washington DC and its surroundings.   

Today, I would like to talk about  How Current Interest Rates Can Have a High Impact on Your Purchasing Power

 

According to Freddie Mac's latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history!

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows the impact that rising interest rates would have if you planned to purchase a home within the national median price range while keeping your principal and interest payments between $1,850-$1,900 a month.

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.

Act now to get the most house for your hard-earned money.

 

Source.. KCM Fernando Herboso Blog

 

If you have any questions about the Crown Plaza, Gaithersburg MD, the schools, amenities or the surrounding community, don't hesitate to give us a call at 301-246-0001 We will be happy to help you. We specialize in Gaithersburg MD and our agents also live here.  

To reach us, please call 301-246-0001  

Or send us an email to: info@ReallyNiceHomes.com   

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www.99SOLD.com - Call or text 240-426-5754 for more information.