As COVID-19 has swept through our world, most of our first thoughts have been about staying healthy and safe. At Golden Eagle Mortgage, we agree that safety is the nation’s number one priority.
But as the weeks pass, thoughts about how this virus will affect other parts of our lives may come up.
Many Americans wonder how their finances will be affected, and if they had plans to buy a house they may question the timing.
While this virus undoubtedly impacts all of our lives greatly, there is some good news regarding mortgage interest rates for people in the market for a home.
As much uncertainty as there is during this time, the mortgage rates throughout America are still incredibly low, meaning now may still be the perfect time for you to take the leap and purchase a home.
Today we will discuss why you should still buy now, and how to do so safely during a pandemic.
Mortgage Rates Are Still Low
Buying a home right now might seem scary, but if your personal finances are still stable, it is still a great time to jump on the low mortgage rates.
“U.S. Mortgage rates hit an all-time low in early March, with the average rate of the 30-year fixed-rate mortgage dropping to a staggering 3.29% according to Freddie Mac, eclipsing the previous low set back in 2012.
Just a year ago, though, mortgage rates were hovering in the mid-4% range after almost touching 5% at the end of 2018”
And as of the writing of this article, those rates haven’t climbed. Take advantage of these low rates while you can and speak with a trusted lender today.
Safely Buying During COVID -19
The practicalities of buying a home look a little different during this outbreak.
However, in most states it is still possible to safely go through the buying process.
If you are considering purchasing a home this spring, be sure to do some research and reach out to your local lenders and realtors to see what the procedures are for your area.
With social distancing, more may be done online than ever before, but that does not mean it’s not possible to buy your home now!
Video house tours, electronic signatures, and phone calls mean that most of the home buying process can be done from the safety of your residence.
As long as you’re willing to be flexible, buying a home this year is both possible and might be the best investment you could make.
Don’t let COVID-19 keep you from your dream home and from the low mortgage rates 2020 is still offering.