With interest rates going up, make sure you update that approval letter

May 3, 2022

Interest rates continue to climb. The rate on a 30 year fixed as of July 8th was 6.4%. In comparison, rates were in the mid fours four months ago. So what does that mean if you are pre-approved? It means you need to contact your loan officer and adjust that pre-approval letter. With interest rates soaring, it will impact your buying power. What you could afford in March April or…