Mortgage Interest Rates for Home Buyers are going up in the Lehigh Valley.
Over the past two weeks, interest rates have raised almost half a point (0.5%) on the different mortgages available to Lehigh Valley Home Buyers. This has been across the board (FHA, VA, USDA, Conventional mortgages).
When a home buyer gets pre-approved to purchase a home, that pre-approval is based on the mortgage interest rates on the day the buyer was pre-approved. An increase in interest rates may change the "buying power" of a Lehigh Valley Home Buyer.
With a raise in interest rates, it is possible that the pre-approval is no longer valid and as a home buyer you need a new pre-approval to reflect the change in interest rate. Can you still purchase that $200,000 home? Should you be looking at lower priced homes? How will the interest rate affect your monthly payment?
An aggressive mortgage rep may have already reached out to you with a new pre-approval. If not, you should request a new one to verify the numbers.
As a Lehigh Valley Home Buyer, it is important to know that a pre-approval is based on the interest rate when it is generated. The actual interest rate is not guaranteed until you find a home, go under agreement and "lock-the-rate".
As you look for a new home you should be aware of the interest rates and how a change in rates may affect your home purchase.
Visit www.lehighvalleyhomesonline.com for all of your Lehigh Valley Real Estate information.