If rates continue to rise

Earlier this year mortgage interest rates were in the 3.5% range. Today they are more like 4.5%.  It's unlikely they will continue to go up this fast but very few think they will do anything but continue to go up.

Here's what will happen to a buyer's purchasing power if rates go up another 1%.

 

 

This also gives an idea of what has happened to buyers as rates have gone up 30% in the past 6 months