AUGUSTA, GA ( WJBF) — Mortgage rates are on the rise —
“Just here recently we shot up to near 4 percent almost overnight and that increases the payment by at least 150 dollars a month,” President of JPAR Real Estate Mark Johnson said.
Mortgage rates are currently sitting at 3.71% — the highest since March 2020.
As inflation is expected to boost interest rates in March, some buyers are trying to take advantage of the lowest rates they can get before the interest hike.
That could mean more buyers and fewer houses on the market.
It could also mean paying more for the house you want.
“Prices have risen and we’re going to have to save more to afford more,” Johnson said.
Some realtors said they’ve already seen the demand for homes increase and now is the time for potential buyers to review their finances and start planning.
“You’ve got to be in touch with your financial planners, your mortgage professional and your tax professional to make sure you’re saving the right amount of money and investing in the right things,” Johnson said.