Mortgage experts say now's the time to jump in, the water's fine

Mortgage rates are rising, but so are applications for home loans. Experts say it's as close to free money as you're going to get.

Houston certified mortgage planner Chris Nooney says the impact just isn't that much.

"With interest rates, even if they have increased, a quarter of a percent on a $200,000 loan represents about $30 a month in payment."

Nooney says it's a great time to take out a home loan.

"The biggest issue that you'll run into right now is housing inventory, but interest rates as a whole are extremely low and this is really the closest thing to free money that you'll see when it comes to purchasing a home."

The 30-year fixed-rate mortgage is 3.75%. During this same week last year, it averaged just under 5%.

"People need to get off the fence and not be so concerned about interest rates because the smallest change in rates has a minimal impact on a monthly payment on a mortgage."

The Fed cut the key interest rate by quarter point again in October, but isn't expected to make a move in December.

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