We all know the media is a powerful tool. With the hype and coverage of the coronavirus, our world has been thrown into a panic of fear. Some good news we can bring to your attention is mortgage rates have dropped to the lowest level in almost 50 years!
Based off realtor.com, the average 30-year fixed rate mortgage hit a record 3.29% this week and 15 year fixed-rate mortgages are well under 3%…woah! Rates have not been cut like this since 2008, so it’s a great time to look into real estate and purchasing a home.
The Stracuzzi Team realtor and office manager, Lauren Stracuzzi-Purkey recently locked in an interest rate just below 3% for one of her clients! It’s real, it’s happening and it’s time for you to jump on board.
Just like detailed shopping for a house, be sure to shop around for interest rates. Lenders have a high demand with the current trends and could hold some rates higher than others. Tip: also talk to your lender about refinancing if your current rate is 4%+ or if you are looking to do some home improvement or pay off other debt.
It’s like the Black Friday of home shopping and we should see a buyers’ market boom for the next few months. Homes are selling and now is the time to take advantage of these low mortgage rates. Since March 1st, The Stracuzzi Team at RE/MAX Community has 11 homes pending…11!
But these historic low mortgage rates wont last forever! Give Pat and The Stracuzzi Team a call for a free market evaluation on your home and to help get pre-approved with your local lender.