While COVID-19 rates are continuing to increase, one of the benefits succeeding consist of lower interest rates on mortgages. This being said, mortgage lenders are altering their rates and regulations as a result of COVID-19. If you’re in the market for a mortgage, now is the best time to lock in. As mortgage rates are changing daily, overall they are very low by historical means.
As many potential buyers are now being put in the position to view their prospective future homes via the internet and 3-D modeling of digital walk-throughs, buying a home is still a realistic option. The 3-D modeling technology is able to portray rooms in a house at several angles, and is even able to place animated furniture into empty rooms in order to show the buyers multiple potential scenarios for the home.
The average fixed mortgage rate for a 30-year fixed rate mortgage last year was 3.97%, although now it has reached a low of 3.35% and the 15-year fixed rate mortgage has fallen from 2.81% to as low as 2.75%. With the lowering interest rates, it makes now a better time than ever to look into taking out a mortgage on a house.