April 2020 Market Update: COVID-19 pandemic makes mortgage rates dip again
Mortgage Rates Drop Again after a Tumultuous March!
Like the rest of our economy, affected by the COVID-19 pandemic, mortgage rates went through turbulent times in March.
But April seems to bring stability and low rates once more. We continue to hover near a five-decade low. Unprecedented, really. Only 2 other times in the history of the US economy we had experienced such low rates. This time, the Federal Reserve seems to be doing EVERYTHING in their hands to ensure we maintain our economy stable.Â
The market seems to be giving you, home owners and buyers, every possible opportunity to lock a low mortgage rate.
👉 http://getmyrate.snapfi.com
(3 mins – no commitments – no social or other personal information needed)
Interest rates are constantly changing and it’s imperative to look at the economy and housing market context. SnapFi reports the rates on the first week of the month from Freddie Mac. The important thing to keep in mind is that even if the rate climbs slightly month to month we need to look at the big picture.
As we turn the corner around both in the COVID-19 situation and hopefully the economy, we believe this low-rate environment won’t last much longer…
According to Freddie Mac as of April 2, 2020:
“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment. While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”
There are many reasons to refi or lock a purchase rate.
- Purchase a home at the lowest interest rate in 3+ years
- Lower your payment and keep more money in your pocket
- Pay off your mortgage earlier
- Consolidate your debt
- Make a remodel your reality
- Pay college tuition
Takes 3 mins, no need to run credit
snapfi, inc. is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act NMLS #216565. This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Rates/fees are subject to change without notice. Total Cash Required may include prepaids/impounds, not cash reserves which may be required for some conventional loans. Total Payment may include taxes, insurance & mortgage insurance.
Source: http://www.freddiemac.com/pmms