Interest Rates and COVID-19: The Bottom Line
In all of the uncertainty of recent news surrounding the Corona Virus (COVID-19), one thing is guaranteed: We are living in unprecedented times, and many of us find comfort in unraveling the confusion to seek clarity about topics that affect all of us. Our office has been inundated with questions about the national news coverage of Federal Interest Rates fluctuating drastically over the last few weeks. We have taken every one of these calls and emails, and will continue to do so. We are focused on service, and in our business, that often means explaining things to our clients simply and concisely.
If you are reading this, you are likely seeking some sort of insight into all of the news you have been hearing about Federal Interest Rates. While it seems simple on the surface that lower Federal Interest Rates equal lower mortgage rates, this is not necessarily the case.
If you have a loan financed in the 3% range, don’t worry, you aren’t missing out on an opportunity. If you financed when rates were 4% or higher, there is a good chance that you can substantially save on your mortgage with a refinance. Each person’s situation is different, goals are different and should be evaluated differently.
If you are in the market for a new home or are considering refinancing, we encourage you to submit all of your required documentation quickly. As we have seen in the last several weeks, time is of the essence. Preparation is key during these uncertain times. Being prepared to jump on the opportunity that you are looking for is crucial, since it is always a possibility that rates rise or fall at any time.
We pride ourselves on taking the time to talk through each client’s individual situation in terms that are familiar and clear. We look forward to hearing from you, and we are grateful to live in such a tight knit community that looks out for one another. We are here for you.
Brittany Fitch, InterTrust Mortgage NMLS 77203