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A Silver Lining to the Virus Economy - in Mortgages

A Silver Lining to the Virus Economy - in Mortgages

March 16, 2020

Mortgage Rates Hitting Historic Lows Due to Virus

There will be a lot of turmoil and economic pain as a result of this coronavirus situation.  My heart goes out to the business owners and their workers who will suffer.  The S&P 500 companies will survive (for the most part) whatever the virus throws at them.  Investors and the stock market will feel pain, but this will be temporary.  The independent businesses and the self employed, however face significant hardship, which will get worse the longer this goes on (and it looks like it will last for quite some time).  

If there is a silver lining - and if you have a mortgage pay attention - it is in mortgage rates.  Rates have dipped so far that one real estate attorney I know says he is inundated with refinancings.  He says people are now locking in 2.5% on 15 year and 2.75% on 30 year mortgages.  And with today's additional drop in interest rates, he expects even better terms over the next couple of weeks.  

So if you have a sizable mortgage, and if the rate is higher than the mid 3's - this is something you want to get on while the getting is good. Virus be damned, call your mortgage lender!