Several expert sources report a consistent drop in mortgage rates recently. The COVID-19 pandemic has been a record-breaking year for real estate, despite fears, rates remain low. Many people are getting refinanced to take advantage. Professional Mortgage Solutions in Rego Park, NY reports on how mortgage rates continue to remain low during the 2020 COVID-19 Pandemic. If you want to take advantage of this unique market now, contact our staff for a free quote.
Reasons Mortgage Rates Continue to Fall
There are many theories on why rates continue to be low. Our legislators have passed several changes that are helping to maintain low interest rates. As bond purchases stopped, the federal regulators stepped in to make some purchases. Others see the low rates as a sign the market is continuing to be resilient in the pandemic. There is a lot of capital available, and many are hopeful. As forbearance and refinance requests are on the rise, some say rates will flatten. There is also a lot of interest in certain areas that has buyers on the hunt. People working remote can move and expand to new areas.
Mortgages in the Last Quarter of 2020
We will continue to see forbearance and refinancing applications spike as people adjust to absorb losses in income. Some are already moving or downsizing. New purchase rates are forecasted to remain low, and it remains to be seen what refinancing rates will be offered. This is largely driven by the financial position of the applicant. If your credit is good, this is an ideal time to apply for a rate and term refinance to lower your monthly loan payments.
Changes in the Housing Market
We are seeing people with more capital to invest in the market. This is starkly different from the downfall that occurred in 2009. As people work from home, we see a rising interest in rural areas or other markets. People can now consider moving out of the city now that commuting is not an issue. Many are also waiting to see what relief the government will offer next. You can check your local jurisdictions and nonprofits to see if there are any rent and mortgage relief funds. Still, there are many interested buyers.
Are you interested in relocating and buying a home? You will want to act fast to lock in on super low rates that you receive quotes for. You can contact our team to get a quote and learn more about various programs available.
Purchasing Real Estate in COVID-19
Professional Mortgage Solutions is here to help you find the best solution for your needs during COVID-19. If you have additional questions, please contact our team in Rego Park, NY.