Mortgage rates low, lenders urge to buy now

By  | 

TWIN FALLS, Idaho (KMVT/KSVT) - Looking to buy a new home? Well, now may be the right time.

Bank of Idaho's Cory Holloway said the average for mortgage rates right now is a little more than 4.5 percent.

"It's low, especially compared to what 2018 was like... The first quarter of 2019, what we can tell so far it's coming down a little bit because the stock market, oil prices and different factors is bringing it down," he explained.

Mortgage lenders and real estate agents say this could possibly be a good time to buy a home with the low rates.

"The lower the rates, the more people that can buy and they can buy a higher priced house, because the interest rates determines a lot on what the payment's going to be," explained Lynn Rasmussen, a Realtor with Gateway Real Estate.

He said there's still "good" demand for homes and its pricing right now too.

"I think it's been a pretty good healthy climb, it's not straight up or anything. I think with our economy the way it is, I think it'll be OK with people still buying homes in the future," Rasmussen said.

However, if a buyer is shopping around for mortgage rates, Holloway said to be a little wary.

"Not all the time lowest rate does it equate to good customer service or the product that you want at the end of the deal," he said.

He advises prospective buyers to make sure they look at all the details and understand all the information.

"This is a huge transaction. For many people, this is the biggest they'll ever make and you deserve more details," he said.

Holloway recommends locking those rates in right now if someone is thinking about it.

"I would say that I'm not sure what the second quarter and especially third quarter of 2019's going to look like," he said.

Because, in the end, it's about the buyer and them getting what they want.

"They want their keys, they want their home on time and they want to know they were treated fairly and not taken advantage of," he said.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus