LUBBOCK, Texas — The Federal Reserve raised your interest rates for the fourth time this year.
On Monday, it went up by .75 percent.
So far, the Fed’s four hikes in 2022 have increased rates by a combined 2.25 percentage points, which means you’re paying an extra $225 for every $10,000 in debt.
Local real estate top producer Andi Dunlap, of Black Pearl Realty, said this isn’t all bad. The increase in rates is balancing out the housing market and bringing it back down to pre-COVID levels.
“Because there’s more to choose from, there’s more for everybody, more to go around for everybody that they have a fighting chance now, which is nice,” said Dunlap.
Dunlap said a market that isn’t in the seller’s pocket makes home buying more accessible, and forces competition between sellers once again.
In fact, Dunlap said it will probably help you get a better price on a home.
“Now that it’s stabilizing, I feel like both buyer and seller are going to be the winner,” she said.