Local realtors not worried about rising mortgage rates

By: Morgan Downing Email
By: Morgan Downing Email

SHERMAN, TX -- Mortgage rates are creeping back up, but local realtors say that's not necessarily a bad thing.

Mortgage buyer, Freddie Mac, says the rate of a 30-year fixed loan, increased from 3.59 percent last week, to 3.62 percent this week.

In Grayson county, realtors say they've seen a spike in the number of first-time home buyers because it cost them just as much to mortgage a home, as it does to rent.

Texoma realtor executive, Ron Shildknecht, said buyers shouldn't be too worried about the rise in rates.

"In 1981, I purchased a home with 14 percent credit, interest rate, which is crazy compared to today. Today's rates are so low. Money's on sale. We have houses available, good houses. We have excellent prices in Grayson county. So, I wouldn't worry about the interest rates. I'd go find a house and buy it if you're ready to buy a home," Shildknecht said.

Home prices have also increased because of the spike in sales.

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