Mortgage rates on the move, buyers need to lock in

The Youngstown Columbiana Association of Realtors says: There was a 5-and-a-half percent decrease in home sales last month in the Valley At the same time — mortgage rates are on the rise First News Reporter Brittany Bissell joins us LIVE in studio with what you need to know if you're planning on buying a home Mortgage rates have risen around a half a percentage point since September

Brokers say it's the highest rate in the last 4 years There are a couple reasons why we've seen these rises The first happened in the weeks following the passage of the tax reform in December And most recently, after the January employment report showed hourly wages rose almost 3% compared to a year before Experts say people have gotten used to lower rates, but these increases just show that the economy is getting back to normal

SUE FILIPOVICH :"THERE'S SOME GOOD THINGS WITH THAT WE'VE SEEN A STRONG STOCK MARKET THIS PAST YEAR SO THAT RELATED TO THE STRONG ECONOMY THE MINIMUM WAGE WENT UP A LITTLE BIT

AND IT'S A COMPETITIVE MARKET SO THOSE INTEREST RATES GOING UP, THERE'S TWO SIDES TO IT IT'S SHOWING A STRONGER ECONOMY" She mentioned there's two sides to this While the rising rates are showing a stronger economy, it also makes it difficult for a buyer on limited funds

[B17]20180221 MORTGAGE RATES 5A-TAG Coming up at 6, i'll tell you what buyers can do to help with those interest rates Live in studio, Brittany Bissell, 27 First News This Morning