The Effect of Rising Interest Rates
Posted by Sammy Gardner on
As the real estate market in Frisco, Texas continues to flourish, potential homebuyers must consider the impact of rising interest rates on their ability to qualify for a home mortgage. So, how does this affect buyers looking to purchase a home in Frisco?
1. Increased Monthly Mortgage Payments: When interest rates rise, mortgage payments inevitably increase. Higher interest rates mean higher monthly payments, which can significantly impact a homebuyer's budget. For Frisco residents, this means they may need to adjust their expectations when searching for a home or consider more affordable areas in order to find a property that suits their financial capabilities.
2. Reduced Purchasing Power: Rising interest rates can also decrease a homebuyer's…
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