Good News: Mortgage Rates Are Low
Are you in the market for a house? Are you looking for property, maybe even land or a second home? Right now could be the chance of a life time to purchase a property. The Federal funds rate, which is the interest rate banks charge each other to lend federal reserve funds overnight, is very low right now. The Federal funds rate is the benchmark for interest rates on credit cards, mortgages, and bank loans. Presently, the Federal Funds Rate is between 0% and 0.25%. The last time the Fed cut the Federal Funds rate to 0.25% was in December 2008. The 30 Year Rates National Average are currently 3.5% which means if you have a higher rate, you may want to look into refinancing.
Rates are at an all time low! It is the best time to purchase a new home or property. Maybe a chance in a life time. Robert Ripley – Real Estate Agent
This is an amazing time for people who are in the market to purchase a property because the mortgage rates are so low. However, due to the impact of the stay at home orders and social distancing, real estate agents are having to use some creative home showings techniques. “We are now doing a lot of drive by appraisals and online virtual tours,” according to Robert Ripley.
Unfortunately, home appraisals are a little more difficult and inspections are also more cumbersome due to concerns about entering the homes. However, some inspection companies, like Terminix NOLA, will perform pest and termite inspections with limited human contact – click HERE to see the Terminix COVID Response. In addition, loan approvals could take a little longer because many banks are still working with processing forbearance requests, SBA Loans, and Paycheck Protection Program funds.
So, if you are interested in purchasing, get all of your ducks in a row so when you find your home, you will be ready to purchase with the bank loan ready to go.