WHAT DOES IT MEAN IF MORTGAGE INTEREST RATES AND HOME PRICES GO UP?
By Margaret C. Taylor, St Marys/Calvert/Charles MD Real Estate Agent
(Century 21 New Millennium MD)
Written by Margaret C. Taylor REALTOR® keeping you informed in St Mary's MD. WHAT DOES IT MEAN TO YOU IF MORTGAGE INTEREST RATES AND HOME PRICES GO UP IN ST MARY'S COUNTY, MD? An increase in Mortgage Interest Rates, or in home prices, will decrease the amount of "house" you can get for your money. An increase in both at the same time will have an even greater impact. An increase in the Interest Rate only, will result in a higher monthly payment, in order to lower your monthly payment you will have to reduce the size of your loan, which means you will need to search for Houses for Sale at a lower price than with previous Interest Rates. An increase in the price of Houses for Sale only, will result in a larger loan, which will result in larger monthly payments. Once again you will ha...
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