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 on a budget and planning to buy a home Mortgage rates are the highest we've seen in the last 4 years They've risen about a half a percentage point since September 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 While the increases show the economy is getting back to normal, it can make it difficult for buyers on a budget Here are some things you can do to help SUE FILIPOVICH : NUMBER ONE, MAKE SURE YOU LOCK IN THAT INTREST RATE AND YOUR LENDER CAN HELP YOU WITH THAT BUT THEY ARE PROJECTING THE RATES TO GO UP MAYBE TWO TO THREE TIMES THIS YEAR SO BEING ABLE TO LOCK IT IN WHEN YOU FIND THAT HOME IS REALLY SMART AND THAT'S WHAT YOUR GUARANTEED OF THAT RATE AND YOU CAN ALSO BUY DOWN YOUR INTREST RATES WITH POINTS

Another thing you can do if you're a buyer on a budget, is revise your purchase price Experts say if you're a first time home buyer you want to be prepared with as much information about the process as you can before you begin Live in studio, Brittany Bissell, 27 First News This Morning [B19]6AM TZ 2A