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Rising interest rates causing new home buyers to reevaluate

Posted at 7:18 PM, Nov 02, 2022
and last updated 2022-11-02 20:18:51-04

WACO, Texas — Seeing the fourth interest rate hike in within 6 months has raised concern about how the increase will affect people in Central Texas.

With the federal reserve increasing interest rates homes will cost more for first time home buyers despite that fact realtors say right now is still a good time to purchase a home.

Waco realtor Robert Barnes saw prices on home soar through the pandemic. Prices of homes are going down, but interest rates are going up.

But with more homes being built, Barnes said a first-time home buyer should still look to purchase. As long as they have the right information to get the purchase done.

Economists say hiking interest rates are being used as a tool to ease rapid inflation, they do believe the rates could trend down over the course of 2023.

Realtors say that will be a good thing for first time home buyers.

“If you get a house and buy it right now, you can always refinance later. I think a lot of people will take that route when rates shift back down which I think everybody thinks that will happen,” Waco realtor Robert Barnes said.