The recent Coronavirus outbreak sent stock markets plummeting last week, but they are also pushing mortgage rates down near a historical low. The fed funds rate was recently lowed .50% (the lowest it’s been in 4 years). If you’ve been on the fence about buying or refinancing a home, now is your time to jump.
Clearly, when interest rates are low-like they are today- qualified buyers can benefit significantly over time.
What does this mean for the market? OPPORTUNITY! Buyers are utilizing this dip to finally make the purchase they’ve been teetering, Investors are jumping on it to build wealth and sellers are seeing multiple offers on their properties, getting them top dollar. However, we are definitely seeing a lack of inventory in the housing market. For sellers, having multiple offers drives up the prices of homes and drives up your homes value.
As you have seen recently, Mortgage rates change frequently and waiting may mean a significant change in your potential mortgage payment should rates start to rise.
Why is this important to you? Buying a home is one of the biggest financial decisions one could make, and there’s no way to predict what the market will do next. Don’t know where to start? Give us a call today and we’ll walk you through the process. 916.235.7045