EL PASO, Texas (KTSM) — Mortgage rates are on the rise, increasing to 8%.
Local real estate agents said it’s due to inflation although buyers are not scared to purchase.
Elyssa Stevens, real estate agent, said “mortgage rates have hit a 7 in a quarter, up to an 8 percent.”
“It’s typical that interest rates are going up because of course, the inflation, then the economy,” Stevens said.
Stevens told KTSM the lowest market was back during the COVID era where rates sat between 2 and 3%
“Where it was a more of a seller’s market, as we like to say it in real estate terms, because sellers had more control, the ball in their court where they were maxing out their funds,” Stevens said.
Stevens said the following are increasing:
Home Prices
Rental Prices
Stevens told KTSM it’s better to buy than rent.
“If you can put money into your landlord’s pocket, then you might as well put it into your own mortgage,” she said.
One local buyer said she isn’t afraid of the current market as it is a long-term investment, 20 to 30 years down the road.
“I understand the fear. However, you have to move past that fear. You have to get an educated, qualified real estate agent that’s going to walk you along that process and kind of trim that fear off of you,” Gina Holguin, a local buyer, said.
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