By Josiah Cork, WV News
CLARKSBURG, W.Va. — Following a historic spike in inflation and high demand for properties, mortgage rates are increasing in West Virginia.
Although prices can be driven up by any number of outside factors, the Federal Reserve is the primary regulator of mortgage interest rates.
“Interest rates on all types of loans typically follow the rate that the Federal Reserve sets. They meet on a periodic basis to do that,” said Sally Cline, president and CEO of the West Virginia Bankers Association.
“They look at economic activity; they look at unemployment rates; they look at inflation. They look at what’s happening in the marketplace to try to tamp down, particularly, inflation, while keeping low unemployment rates,” Cline said.
She predicts rates to continue to rise due to the influence of the Federal Reserve in the near future…
