Purchasing Power is Lower, but Prices are Bottoming 🏠
Homes are more expensive than they used to be – we all know that. That doesn’t mean it’s a bad time to buy a house, especially as low inventories have supported prices and the recent Case-Shiller Home Price report showed prices climbing yet again. It’s just more of a challenge to find the right house at the right price since higher interest rates decrease the purchasing power of home buyers. The chart above assumes a 20% downpayment, which some borrowers still believe is required to get into a home. Now, thanks to ONE + by Rocket, you only need to put 1% down! ONE + covers the mortgage insurance that normally comes with a downpayment of less than 20% so the you don’t have to. This enables you to put less down AND maintain a lower monthly payment. Since Rocket is also contributing 2% towards the your equity, you will be…