Tips for home buyers after federal rate increase

Tips for home buyers after federal rate increase

HATTIESBURG, MS (WDAM) - If you're thinking of buying a home, you may be wondering what the federal interest rate increase means for you.

Realtor Adam Watkins in Hattiesburg said, over the last six months, interest rates rose half a percentage point, and most of that increase happened after the presidential election.

Watkins said the federal rate increase has not affected mortgage rates just yet.

He said rates are still historically low, so now is a perfect time to purchase a home.

Watkins recommends contacting a reliable local lender and realtor before you purchase a home.

"A realtor who knows about the market, a realtor who knows about what supply and demand means for their purchase, and to contact that professional and allow them to a local lender," Watkins explained.

Watkins said if you're thinking of selling your home focus on the price, condition of your home, location and marketing.