What can prospective home buyers expect?
EVANSVILLE, Ind. (WFIE) - According to local realtors, the housing market interest rate is hovering around 7%, the highest its been in about 20 years.
President of Mortgage Masters of Indiana, Aaron Cashmer says inflation hikes up mortgage interest rates.
“To the point where we’re still seeing houses are affordable to purchase, alright they’re just less affordable than they were a year ago,” said Cahsmer.
Although home owners saw an influx in the mortgage payments, Cashmer says owning a home is more affordable compared to higher rent payments.
“Again there’s still affordability options out there for people looking to become home owners that don’t own a home, for first time home buyers that are still looking to purchase, the home purchasing market is still stable and strong,” said Cashmer.
Realtors say with the state of the housing market prospective home owners should look to “marry the home and date the interest rate”. Officials say locking in on a home at 7% could pose beneficial if you’re willing to wait a few years to get a lower interest rate.
They say home ownership is the best way to build wealth in this country. So, although interest rates are increasing, the value of homes is consistently increasing also.
Realtors say if you are in the market for a home, you should speak with a professional realtor, a lender and start looking to see if there are houses in the market they like.
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