Interest rates rise again, but “it’s still not bad”

IDAHO FALLS, Idaho (KIFI) – The Federal Reserve announced on Wednesday interest rates are increasing three-quarters of a percentage point.

This has left many local, future home buyers wondering how it affects them.

Melissa Puckett, owner and president of Nexus Mortgage Lending, says some of her clients have been calling and are worried.

"They're definitely not the way they used to be, but it's still not bad," Puckett saud. She has been in the industry for 18 years and says those 2% interest rates we saw years back, "were the exception, not the rule."

For those wanting to purchase a home, she says it gets better, and it's never an easy process.

She encourages home buyers to get pre-approved before shopping around, that way, they will know exactly what they should expect and be looking for, especially with these increased rates.

Homes are an appreciating asset and Puckett says more often than not, most people get a return, and then some, on their investment.

A few months ago, houses were flying off the market leaving home buyers in a frenzy.

Puckett says in order to keep things in the market balanced, interest rates go up creating less urgency for buyers, meaning that prices of homes are starting to decrease. As demand decreases, supply will increase.