With rates as low as they are, now is the time to buy. Mortgage interest rates can be impacted by a number of different factors, including:
- Yields on mortgage-backed securities
- The overall conditions in the bond market
- Basic supply and demand
- Economic growth
- Inflation and monetary policy
With the COVID-19 pandemic The Federal Reserve has responded by cutting the Federal Funds rate to near zero and dramatically expanding its asset purchase program. This purchase program included billions of dollars of mortgage-backed securities. Due to these measures, there has been an increase in the supply of money and liquidity in the economy. All of this has led to historically affordable mortgage rates.
The demand for loans is significantly lower, declining inflation, and 10-year Treasury Notes are approaching zero. These and other reasons are why mortgage rates should continue to stay enticingly low. Now is the time to buy. The idea behind lower rates is to help get the economy moving again. Lower rates will encourage financial activity. These rates may convince people who are on the fence to purchase or refinance now versus later.
We’ll help you meet with a mortgage broker and find out how much you can afford to pay for a home. From there, you can apply for a mortgage and receive a commitment in writing from a lender. With a commitment in place, your wish list can be made to start your home search. One of the agents from our credited team can help you find the best fit for your preferences.
Our team has been serving the community since 1951. With over 45 agents, we have covered hundreds of properties for residents of Atlantic, Burlington, Camden, Gloucester, and Salem counties. CENTURY 21 Reilly Realtors sets the gold standard utilizing a powerful IDX software allowing you to search all the listings in our area.
“Mr. Smack was readily available and respectful of my wishes. He never made a decision without my feedback and approval. When I became overwhelmed and anxious, Mr. Smack had a way of simplifying what was unbeknownst to me. I would recommend him to the best of the best.”
“Alexa did a great job working with us through the difficulties of the COVID-19 Pandemic. She always had open lines of communication and we typically received answers to our questions within minutes. She worked very quickly and effectively to secure our offer with the seller. Her knowledge of the entire process made us feel very comfortable as first time home buyers.”