This chart demonstrates what impact the interest rate can have on your monthly mortgage payment. According to Freddie Mac's latest Survey, interest rates for a 30 year fixed rate are currently at 3.92% which is still near record lows.
Basically Purchasing Power is the amount of home a buyer can afford to buy for their budget. As interest rates increase, the price of the home they can afford will decrease. This affects the housing market for both the Seller and Buyer!
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Chart furnished by KCM