Investigating the real estate market with North Platte Chief Lending Officer

Housing in the North Platte area is hard to come by, and real estate agents are taking a huge hit.
Published: Jan. 20, 2023 at 3:04 PM CST|Updated: Jan. 20, 2023 at 10:53 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

NORTH PLATTE, Neb. (KNOP) - Housing in the North Platte area is hard to come by, and real estate agents are taking a huge hit. The lack of developers and the increasing interest rates coupled with inflation is making their jobs more difficult.

On Friday, NBC Nebraska 2 continued to investigate the real estate crisis in the North Platte region but from a different perspective, with an individual that has over 25 years of experience in the banking industry and over 21 years in North Platte with Nebraskaland Bank.

“Mortgage rates generally follow the 10-year US Treasury,” said Ty Lucas, Nebraskaland Bank Chief Lending Officer. “That spiked up in October to approximately 4.25%. Mortgage rates were moved as high as 7% at that point. Today, the 10-year treasury is around 3.40%, so it’s down from that high, and actually, most of the mortgage rates today are in the fives or low sixes, approximately a point under what the high was last fall. So actually, mortgage rates have been moving down, despite the federal reserve increasing the prime rate.”

Lucas said that, in his opinion, it is not necessarily a bad time to purchase a home or get a mortgage.

“So, I think a lot of what we’ve seen in North Platte is it slowed down sellers,” Lucas said. “It’s also caused people to be more sensitive to what they are paying for with houses. Now from my standpoint, I’m telling home buyers that they have to recognize that we are in a volatile market and they need to look at all the different programs and look at the program that fits them the best. I do not think it’s a horrible time to buy a house or get a mortgage, if rates go down people can always come back and refinance.”

Lucas said that, traditionally in the North Platte area, home buying slows around the holiday season. He has predicted a strong rebound this coming spring. Historically, March to September is the most active time for home transfers in North Platte.