If you have been contemplating the purchase of a new home or investment property, now may be the time to pull the trigger. Florida Realtors released an article showing that the recent outbreak of the coronavirus has caused mortgage rates to decline. The average rate for a 30-year-fixed-rate fell to 3.45% and the average rate for a 15-year-fixed-rate dropped to 2.95%. The decline in the rates has pushed up the demand for housing.
On Thursday, the S&P 500 fell 4.4% to 2,978.76. The index is down 12% from its all-time high a week ago, putting the market into what traders call a correction. The market's significant drop is the result of increasing fear among economists of the coronavirus and the public's decrease in spending.
With these sudden drops in mortgage rates, consumers should act now to take advantage before they go back up. At Weichert, we work directly with mortgage brokers who can provide more information on the types of loans available and which one is best for you.
Contact me today to learn more!
