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Housing market continues to feel the rise of interest rates

Posted at 7:29 PM, Sep 21, 2022

INDIANAPOLIS — Experts say interest rates for 30-year fixed-rate mortgages have jumped from an average low of 3% to about 6% in the last year alone.

“I’m seeing that buyers are either having to look at lower prices of houses,” Lorie Blythe, a realtor with The Stewart Home Group said.

Blythe is constantly working with clients to help them find their dream homes.

One of her clients is Theresa Hammons. Hammons has lived in her west side home for more than a year now and has been in the process of searching for her next dream home.

“We never know how things are going to be changing, we know that the interest rates are going up – looking at the price of homes – will they come down since the interest rates going up,” Hammons said.

Experts believe that the Interest rates for 30-year fixed-rate mortgages have jumped from about 3% to about 6% in the last year alone. 

“I’m looking for something affordable that is around my same price range – maybe that is unrealistic I don’t know,” Hammons said.

Hammons will tell you, the last year or so has been a bit of a challenge due to the ever-changing housing market and the rising interest rates that go with it.

“We are seeing a little bit of a shift – houses are staying on the market a little longer than a few months ago,” Blythe said.

Jim Talhelm is a Managing Broker and Agent for Hoosier, Realtors. They have been in business since 2007. He has this advice for people looking to buy a home.

“Pay your bills, don’t make any significant purchases prior to buying a home,” Talhelm said.

Experts tell WRTV that these are the average prices of homes for Indianapolis.

2022: $268,464
2021: $234,670
2020: $213,391
2019: $184,994
2018: $177,587

If you are a prospective homebuyer here is a link to the average prices of homes in a county.