Home interest rates may increase in 2014 - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Home interest rates may increase in 2014

Posted: Updated:

Amarillo, TX - 2014 may see an increase in home interest rates.

Soon home interest rates may be going up, Realtors say now is a good time to buy or sell a home in case rates do increase during 2014.

Currently the home interest rate is 4.75% and it may increase to 5.25%.

"I think interest rates are still low, everybody's starting to feel better about the economy, so there's a lot of things going with the interest rates probably going up in 2014, I think it makes sense for people to look at buying now before those rates start to go back up,"Chris Lyons who is a Realtor and Co-Owner of Lyons Realty said.

"On a $100,00 house, on a 30 year loan, that's only going to be about 30 dollars," said Shawna Bachman who is Vice President of Mortgage Loans with Amarillo National Bank.

Lyons Realty says the average price for a home here in Amarillo is around $150,000. And they say last year they saw an increase in the number of homes sold. "Last year 2012 compared to 2013 we rose 6.8 % in volume in close sales, so we had a healthy increase,"Lyons said.

According to Lyons, the number of days a house is on the market is also improving.

During the Recession, homes were staying on the market anywhere from 115 to 120 days, now they are only staying on the market 107 days.

"A lot of people were kind of sitting on the sidelines while the market was a little soft and now I think just a lot of people are ready to get back in and get a house," Lyons explained.

Now is the time to buy or sell a home Lyons tells us, since the holidays are over many people will start to look to make a change in the New Year.

"The Amarillo Association of Realtors is predicting that this year will be an increase in home sales over last year," said Bachman.

No one is sure when or if the interest rates will increase, but everyone we spoke with agrees it's better to buy or sell now because if the rates increase it will most likely be sometime in the near future.

  • Local NewsLocal NewsMore>>

  • SkyWARN 7 Forecast

    SkyWARN 7 Forecast

    Saturday, August 30 2014 5:42 AM EDT2014-08-30 09:42:33 GMT
    Weather- Clear Skies RotatorWeather- Clear Skies Rotator
    Temperatures Climbing Back Up...
    Temperatures Climbing Back Up...
  • Duncan doctor acquitted of assault and battery

    Duncan doctor acquitted of assault and battery

    Saturday, August 30 2014 12:17 AM EDT2014-08-30 04:17:30 GMT
    Duncan,OK_ A Stephens County jury acquitted Dr. Oscar Morales Friday on a charge of assault and battery with a dangerous weapon. The jury deliberated just over six hours before reaching their decision. Throughout his trial, Morales admitted to shooting his ex-wife's boyfriend, Kelly McKinnon, in front of her home in August of last year, moments after he went there to drop off their children. He claimed he shot McKinnon in self-defense when he was confronted and feared for his life. The state...
    Duncan,OK_ A Stephens County jury acquitted Dr. Oscar Morales Friday on a charge of assault and battery with a dangerous weapon. The jury deliberated just over six hours before reaching their decision. Throughout his trial, Morales admitted to shooting his ex-wife's boyfriend, Kelly McKinnon, in front of her home in August of last year, moments after he went there to drop off their children. He claimed he shot McKinnon in self-defense when he was confronted and feared for his life. The state...
  • Wreck snarls traffic on I-44

    Wreck snarls traffic on I-44

    Saturday, August 30 2014 12:15 AM EDT2014-08-30 04:15:30 GMT
    Comanche County, OK_A three-car crash on I-44 Friday afternoon shut down traffic for about 90 minutes. Investigators say one car had stopped on the highway just south of the Elgin exit because of mechanical problems. Another car had slowed to avoid it, but was rear-ended by a third car. That impact knocked it into the broken-down car. No one was hurt.
    Comanche County, OK_A three-car crash on I-44 Friday afternoon shut down traffic for about 90 minutes. Investigators say one car had stopped on the highway just south of the Elgin exit because of mechanical problems. Another car had slowed to avoid it, but was rear-ended by a third car. That impact knocked it into the broken-down car. No one was hurt.
Powered by WorldNow
KSWO-TV, 1401 SE 60th Street
Lawton, OK 73501

Telephone: (580) 355-7000
Fax: (580) 357-3811
Email: news@kswo.com

All content © Copyright 2000 - 2014 Worldnow and KSWO. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.