Experts Expect Hopeful Home Buyers Will Remain Constant Despite Higher Interest Rates

Even though the Federal Reserve increased interest rates, experts are saying not to panic when it comes to buying and selling homes.

Realtors say while an increase in interest rates might seem scary, buyers and sellers shouldn’t worry because people will still need to move.

The announcement about the rising of interest rates, comes as no surprise to area realtors like Carrie DeWeese.

“This first round that has happened really hasn’t had much of an impact at all," said DeWeese.

"I think because everyone knew it was coming, and they said a quarter point, it doesn’t make much of a difference, I still want to buy a home.”

The last time interest rates rose was 2018, but realtors say the impact on the market was minimal.

Realtor Brian Frere says interest rates go up and down, but people who have to move will do that regardless.

“I have seen interest rates go up and down throughout those times," said Frere.

"And that just happens, that is just how the Fed controls the monetary policy. People still get married, people still have babies, still get new jobs, need more space, need less space.”

Experts also say that just because interest rates are increasing, it does not directly result in a mortgage rate increase.

“A lot of people think that was just a mortgage rate increase, and it was not," said Nikki Pauly, a loan officer.

"While the two tend to dance together so to speak, it’s not specifically mortgage interest rates that they’re referring to.” 

DeWeese says she is still positive about the state of the market and says there is nothing to be concerned about.

“For sellers, don’t panic," DeWeese said.

"There are still going to be lots of buyers. They are not going to go away just because the interest rates raise. Everyone’s ready to buy a house. Your home is your sanctuary, and people are still really excited about the housing market.” 

Realtors add that this is part of an ebb and flow in the market, and when interest rates go up, the housing prices tend to go down.

News On 6's Kaitlyn Deggs talked to realtors across the Tulsa metro Sunday on Six In The Morning.