PARKERSBURG, W.Va.(WTAP)- Another mortgage increase may mean more work for those trying to find a home in their budget.
Mortgage rates have jumped in recent days and home-buyers will be the first to see the effects.
Loan officers say for the past 8 to 9 years we have seen mortgage rates at an all-time low.
But because of the economy picking back up, an increase in mortgage rates is natural.
They say this could affect home-buyers because of the change in price ranges, as well as those looking to sell their home and move into a new home.
Chris Davis, Loan Officer at Community Bank here in Parkersburg, explains the rates in the past and what to expect during this increase. “It’s pretty flat over the last year. We are starting to see some increases of maybe a quarter percent or so, and some of the secondary market programs that we use to help customers find rates. West Virginia housing development funds a big program we use to help first time homebuyers specifically, and they just increased their rates a quarter of a percent recently. On about a 50 thousand dollar loan, half a percent increase in rate is about a $15 dollar a month jump. This could change the price range that customers are looking at when buying a home.”
And even though we are still at the beginning of the year, loan officers say they don’t expect to see rates drastically increase over the year.