Birmingham realtor says home interest rates continue to rise
BIRMINGHAM, Ala. (WBRC) - Home interest rates are rising again, hitting 5.08% for a 30-year mortgage this past week, rising an entire percent in just one month.
Interest rates haven’t been this high in over three years.
Aliece Dice is a realtor with EXP Realty and she says there isn’t one specific thing driving up interest rates. It’s the whole economy as a whole, which she says is pretty unstable right now in more ways than one.
The high interest rates really impact first-time home buyers who are looking for a home right now. She says the current rates can impact their buying power or if they can even buy at all.
“One percent could mean a lot to a buyer,” said Dice. “If they were previously approved for a mortgage for $300,000 then they need to re-approach their lender and see if they still qualify for that $300,000 because interest rates have gone up so they may need to refigure that.”
Dice says she highly suggests, for anyone that has been pre-approved in the last 30 to 120 days, to talk to your lender if you haven’t already.
She adds that interest rates are expected to continue to rise.
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