While the COVID-19 crisis has many worrying about finances, there may be a silver lining to the situation.
Current homeowners or new home buyers may be able to take advantage of lower interest rates right now.
Recently, the government purchased billions in mortgage-backed security bonds, allowing interest rates to come down to record lows.
"It's very difficult to quote a rate that anyone could get, but where traditionally interest rates might've been up to the 4's and 5 percents, you're now seeing down in the 3's and the 4 percents," said Al Saylor, Certainty Home Loans originator.
Saylor says individual rates are determined by a few factors, including credit scores and debt-to-income ratios. If you're considering buying a new home or looking to refinance, now is the time to take advantage of these lower rates.
"The opportunity exists for well-qualified borrowers, who are still employed and have some financial reserves, to come in and refinance, say from a 30-year fixed rate note down to a 15-year note, and maintain a similar payment," said Saylor.
From refinancing your 30-year loan or dropping down to a 15-year mortgage, homeowners in good standing need to jump on this chance now to save thousands of dollars over the life of their loan.
Saylor says currently the rates are quite volatile, which means they are hovering at record low rates. However, they could easily bounce back up at any given time.
Homeowners and buyers encouraged to look into record-low interest rates