Quincy housing market reacts to climbing mortgage rates - WGEM.com: Quincy News, Weather, Sports, and Radio

Quincy housing market reacts to climbing mortgage rates

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If you're looking to buy a house, you may want to keep a close eye on interest rates. If you're looking to buy a house, you may want to keep a close eye on interest rates.
A house for sale in Quincy. A house for sale in Quincy.
Stephen Gramke is a managing broker at Happel Realtors and says don't let the interest rate scare you. Stephen Gramke is a managing broker at Happel Realtors and says don't let the interest rate scare you.
Experts say if you are worried about rates going up, talk to your mortgage lender. Experts say if you are worried about rates going up, talk to your mortgage lender.
QUINCY, Ill. (WGEM) -

If you're looking to buy a house, you may want to keep a close eye on interest rates. They're the highest they've been in four years. 

"Every house that we find, it feels like it's under contract right away," said Brian Brinkman, a Quincy home buyer. 

Brinkman says his family has looked at two dozen homes in a one month period. All this as interest rates continue to rise. 

"We want to try and get in there before they get too high and try to lock something in so we don't have to pay a lot of interest," said Brinkman.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed rate average climbed to 4.40 percent. It was 4.38 a week ago and 4.16 percent a year ago. 

Stephen Gramke is a managing broker at Happel Realtors and says don't let the interest rate scare you. 

"We hear stories of our parents getting loans of 14 and 17 percent," said Gramke. "Yes, they are creeping up above the 3.2 and 3.4 but they're still reasonable."

Gramke says the interest rates are just part of the reason why the housing market in Quincy is seeing a jump. 

"The demand is very high and the inventory is short right now," said Gramke. "That's a good thing for the market. It's a bad thing for the buyer."

Experts say if you are worried about rates going up, talk to your mortgage lender. It may be smart to lock it in sooner rather than later. 

If you want to estimate what your monthly mortgage payment would be with today's interest rate, click here for a mortgage calculator. 

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