Time to Buy - Mortgage Rates at an All-Time Low
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Time to Buy - Mortgage Rates at an All-Time Low

Even with the Coronavirus wreaking havoc on our everyday lives, there is still a bright spot that you can take advantage of — historically low mortgage rates.

According to Doug Whiteman, Editor-in-Chief of Money Wise, “The Federal Reserve is keeping a key interest rate at an all-time low — which is helping to push mortgage rates to new lows. Rates on home loans have plummeted to a new record: an average of less than 3.25% for 30-year fixed-rate mortgages, according to a long-standing survey.”

Per realtor.com, “Rates have been on a wild ride since this crisis began, and the average for a 30-year fixed-rate mortgage hit 3.23% for the week ending April 30, according to Freddie Mac. That's the lowest it's been since Freddie Mac began tracking rates in 1971. The average rate was 4.14% a year ago. The drop may not seem all that substantial, as it's not even a full percentage point. But the lower rate will save borrowers $132 a month for a $320,000 home (the national median home price) if they made a 20% down payment. That's $1,584 a year—which adds up over the life of that 30-year loan.”

What this means for those thinking about buying a house, is that NOW is the time to do it. And the agents at Sowell Realtors are here, ready to help you navigate the buying process in a safe manner that allows you to continue on with your life plans.

Agents are showing properties first virtually, then setting up appointments to show properties that are final contenders. At those appointments, clients are able to do their walk-through with their agents, keeping proper social distance, disinfecting common surfaces to ensure cleanliness and personal safety. Then resulting offers are handled electronically, with buyers and agents sending paperwork to the sellers. 

Additionally, closings are being handled differently. Social distancing is at a premium. Paperwork is left with the clients in a conference room, the closing lawyer is nearby, and almost all communications are handled by phone, with all parties separated by a glass wall.

So if buying a new home was on your personal radar, there’s no reason to let this pandemic alter your plans. The local market still has plenty of inventory. We're here to help you keep your life moving forward during these unprecedented times and the real estate agents at Sowell Realtors can help you find the home of your dreams.

 

 

Posted by Emily Keplinger at 12:24 PM

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