Amid rising mortgage rates, experts in Beckley weigh in on whether now is the time to buy

BECKLEY, W.Va. (WVVA) - U.S. Mortgage rates climbed higher than six percent for the first time in 14 years on Thursday. While the average monthly payments for those trying to take out a home loan may go up, experts in Beckley say the shift may actually signal some good news for buyers.

According to Mark Heitman with Movement Mortgage, last year home buyers flooded the market amid historically low rates. Today, he said it is still a seller’s market, meaning there are more people buying homes than selling, but mortgage lenders are starting to see a shift.

“There’s actually better opportunities to get a good deal now versus the last two years when the demand was hyper-inflated because the rates were so low.”

Buyers pulling out of the market in hopes of lower interest rates are opening up more opportunities for those still in the search. And even at six percent, Heitman pointed out that the rates are still historically low. “Whenever there’s a shift extremely far to one side, it eventually swings back to the other side a little bit.”

Tim Berry, a realtor in Beckley, recommends buyers in the market right now look past the interest rates and put their focus on whether they can make the monthly payments.

“We have people, when they find a home that they really like, in the area they want to be in, laid out the way they want it, they’re not concerned with the rates. They buy the house with the option of refinancing down the line.”

While the mortgage rates may be going up a bit, experts say that will also help bring the cost of houses down with less people competing for inventory on the market.