BRYAN, Texas — As many people are eager to purchase a home, costs have continued to rise across the country and even in the Brazos Valley.
Summer Handy, a mortgage loan officer at Mortgage Guardian, said the increased mortgage rates are something that she’s never seen before.
“I don’t know that there are many loan officers out there that have been around that have ever seen it. My boss has been doing this for more than 20 years now, and he’s never seen that happen," said Handy.
According to Handy, interest rates, in general, rose to roughly 6% over the weekend. Handy said interest rates were previously around 2 to 3 percent for mortgages and have since doubled.
“We’re already in the 5’s and, essentially, when I was running the numbers Friday through today, we’re in solid 6’s," said Handy.
Handy has had previous experience working as a mortgage loan officer. Handy said that after a realtor finds the future owner's home, it's her job to have found the right loan for her client.
Handy said that rising interest rates, in the coming months, could have an impact on her business and said some people have decided to stop renting in hopes of finding a home.
“There’s going to be fewer people buying either because it’s a shock or because this has changed to the point where they can’t afford to buy anymore," said Handy. “Now we have people that have put in their rental notice, they are now still haven’t had a home yet, and they’re under the gun because they have to move out in July. You combine that with interest rates being double what they are now than what they were when this started and it’s heartbreaking and it’s difficult for people."
Handy said she wanted to continue to serve her clients so they didn't have to face struggles with interest rates in the future and can find the right loan for them.
“When you’re successful during the hard times and you provide that open door to your clients that’s a true professional in the industry and you maintain your success by doing that," said Handy.