People are taking advantage of low mortgage rates in Wichita Falls

Mortgage rates hit three year low

WICHITA FALLS, Texas (TNN) - Mortgage rates continue to fall across the nation, and people in Wichita Falls are taking advantage.

Denny Bishop and his wife Ann Bishop have been realtors for decades. They have seen firsthand how the low interest rates are affecting the housing market in Wichita Falls.

“When we went into the business in the mid-80s, interest rates were like at the 15% to 17% to 18%, Denny Bishop said.

Now Bishop has seen rates for a 30-year-mortgage drop as low as 3.1%

It has been great for The Bishop Realtor Group, which has become a family business with their grandson Ashton Gustafson becoming a partner.

“I told Ashton the other day, I said, ‘You know interest rates are so low I think I ought to buy something even though I don't need something. I just need to take advantage of the interest rates’,” Bishop said while laughing.

He is not the only one in the city wanting to get in on a good deal.

Business has been busy for Brad Davidson as the Executive Vice President of Mortgage Loans for American National Bank

“Ever since January, we've seen a really big pickup since the first of the year,” he said.

While low interest rates are definitely a good thing for first time home buyers, home availability is sparse.

“If you visit a lot of realtors, the inventory is low in a certain price range,” Davidson said.

It means that houses have been put up for sale and bought just as fast.

Davidson said it has led people to start building their own homes instead, will have a positive impact on the city.

“If someone is doing a construction note, obviously with lower rates, that helps your local economy. That helps your builders. It helps your subcontractors, the concrete, the electricians. It not only benefits the consumers but the guys behind the scenes that put that house together,” Davidson said.

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