A look at what rising interest rates mean for the housing market

The munch and learn event is open to anyone interested in learning about the housing market. It is being held on Tuesday from 1:00 p.m. to 3:00 p.m. at the Twin Falls Public Library.
For sale sign
For sale sign(Lukas Walls)
Published: Jul. 29, 2022 at 1:51 PM MDT
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TWIN FALLS, Idaho (KMVT/KSVT) — With the latest decision to increase the interest rate by another 0.75%, what does that mean for the housing market right now?

One Magic Valley realtor says currently, there are more houses on the market than there have been in quite some time. This is making it so people have more options and can take their time when choosing which house is right for them.

Suzy Young says that it can be more financially beneficial to buy your own home instead of renting it. If you create a plan, it can be feasible to purchase a home right now.

To assist with this process, a few realtors and mortgage lenders are hosting an event to debunk the misconceptions that are surfacing.

“Right now, we are going to be offering a munch and learn event, and at this event, we are going to discuss all the steps necessary to prepare yourself to purchase a home,” Young said. “One of those steps would be to locate a reputable lender who can give you good information about what you qualify for.”

Also at the event, one mortgage lender will be discussing why the interest rates have slowed down the home buying process.

“It has brought a slowing to the market, as where before we were seeing multiple offers on houses and houses moving off the market very quickly,” said Eddee Gallego with Premier Mortgage Resources. “So it has helped to provide more inventory to the market because they aren’t selling quite as quickly.”

The munch and learn event is open to anyone interested in learning about the housing market. It is being held on Tuesday August 2nd, from 1:00 p.m. to 3:00 p.m. at the Twin Falls Public Library.

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