One of the top questions that buyers and sellers have been asking in recent weeks is “are mortgage interest rates going to hit 0%”? The answer this question is no. Most economic analysts predict that mortgage interest rates will never go as low as 0% but it’s possible that we could see them dip down to as low as 3% (or lower) by 2021.
Regardless of how low mortgage interest rates get, if you’re thinking of buying a home, you shouldn’t wait for interest rates to continue sliding because rates are considered to be historically low right now and that means that you should not hesitate to take advantage of an excellent low-interest rate while you can.
What to expect from the real estate market after Coronavirus?
Right now, most economic analysts are predicting that the real estate market recovery following Coronavirus is going to be slow because most people will be focused on going back to work and recovering financially following being off work for two months.
It’s also possible that some lenders may reject mortgage applications because, once they call to verify the loans that they were planning on approving, they may see that some of their applicants are no longer working so with no way to pay their mortgage, it’s likely that most pending mortgage applications will be rejected.
Learn more about the Austin real estate market
For over twenty years I’ve been one of the top real estate agents in the Austin Texas area, my experience helps me to know the local real estate market better than anyone. If you need a real estate agent that you can trust, give me a call today at (512) 944-7378 or click here to connect with me online.