TUPELO, Miss. (WTVA) -- According to Caldwell Banking Southern Real Estate agent Christa Estes, since the start of the pandemic, the interest rate for buying a house continues to drop.
"We're at 2.75% for a 30-year fix, which is astronomically low," said Estes.
According to Estes, that means a house that costs about 150,000 is now close to 78,000 on a 30-year mortgage.
Due to the low-interest rates, she says houses in north Mississippi are selling fast.
"Things we're selling right and left," said Estes.
Estes says in January, there were about 740 houses on the market in north Mississippi.
Now there are only about 460 houses on the market.
She says the shortage is growing because younger owners are buying homes at lower costs.
"A lot of millennials are coming into the market that has never purchased a home," said Estes.
Estes says with costs being so low, buying a home is now competitive.
Some buyers even offer more money than a house costs to beat out other offers.
"So if you're going to be looking, you need to have an aggressive agent that is going to be searching, and as it hits the market, get you in it," said Estes.
Estes added although homes are selling quicker, the closing process can take a little longer than usual now that many bankers are working remotely from home.