PEORIA, Ill. – Nationally, popular 30-year mortgage rates hit a nine-month high this week, averaging over 6.6 percent.
Peoria Area Association of Realtors’ Leslie Rothan says those rates are very subjective to each specific borrower. And, what one person can qualify for could be very different from the next.
“We just kind of look at the general temperament of the real estate industry. Are the buyers still buying, and sellers still selling? And, honestly, we’ve been looking at that, and watching that to kind of see how our market is directly affected. And, we’re seeing a pretty healthy market.”
Rothan says properly priced homes in the Peoria area are selling quickly.
“More listings are coming on, they’re still selling. The prices are a little bit higher than average, but we’re leveling out,” Rothan says.
Rothan says higher mortgage rates can make it a bit harder for buyers to qualify for the home they really want, but if they work with a reputable lender and agent, they still can find the right fit.
When it comes to sellers, Rothan says their realtor can help them determine if it’s the right time to sell, or if they should hold off.
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