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As interest rates are topping 5% for the first time in years buyers are finding themselves unable to afford the same payment they could of just months ago. Let’s do some math to compare what rates were a year ago vs. what they are today and then what the rates could be with just a 1% increase.
Rate as of April 19, 2021 3.35%
Rate as of April 19, 2022 5.3%
Rate with 1% difference
Average home price in the Pittsburgh Area is $300,000.
If you were thinking about buying a year ago but wanted to hold off because the market was crazy, because you weren’t sure if you were ready, couldn’t find the PERFECT house and didn’t want to reassess your needs vs wants, now you will be paying almost $300 a month more!!
Contact me right away so we can talk about what you can afford today vs what you might be able to afford tomorrow because I promise you it won’t be the same!
