{"id":16645,"date":"2020-10-22T11:32:03","date_gmt":"2020-10-22T16:32:03","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=16645"},"modified":"2020-10-22T12:18:42","modified_gmt":"2020-10-22T17:18:42","slug":"on-the-fence-about-buying-a-house-low-interest-rates-change-mind","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/homeownership\/on-the-fence-about-buying-a-house-low-interest-rates-change-mind\/","title":{"rendered":"On the fence about buying a house? Low interest rates may change your mind"},"content":{"rendered":"

If you\u2019re on the fence about buying a house in the time of COVID, perhaps this will change your mind: For the third consecutive week, interest rates are well below 3% across the board.<\/p>\n

Fox Business reports current fixed-rate mortgages<\/a> as staying below 3% this week\u2014like the last two weeks\u2014with 30-year rates sitting at 2.75 percent. 20- and 15-year fixed rates are rating 2.75% and 2.125%, respectively. That\u2019s a heck of a lot lower than rates were this time last year, and while there\u2019s an obvious culprit with egregious downsides to thank, the fact remains that a pyrrhic thanks may indeed be in order.<\/p>\n

Even refinancing rates are substantially lower than usual. A fixed 30-year rate is right at three percent, while rates for shorter time frames are consistently holding at below 2.8%. This proves true for the 13th week in a row, so it seems like now\u2014like 12 weeks ago\u2014is a good time to refinance your home for a lower rate.<\/p>\n

While these rates may differ from what you\u2019ll receive when looking to buy, you can generally expect lower interest rates these days\u2014even if your credit isn\u2019t perfect. Other factors<\/a> that will impact your rate include property location and value, your income, and how much you\u2019re able to afford for the down payment. Similarly, as long as the economy is going through a rough patch, it seems fair to expect that rates will continue to err on the side of lower than average.<\/p>\n

As someone with an interest rate over 4% on a 30-year fixed-rate mortgage, it\u2019s tempting to refinance, especially given that the process for doing so is necessarily contact-free. Even if you\u2019re fully buying a house, though, there\u2019s some merit to entering the market now.<\/p>\n

It\u2019s no secret that the economy has slowed down during the pandemic. With the majority of the population hunkering down and sheltering in place, buying a home may not be the first thing that comes to mind for most. Sure, it\u2019s a process that is rife with risk at the moment; however, if your plans for this year included moving anyway, now is a pretty good time to apply.<\/p>\n","protected":false},"excerpt":{"rendered":"

(HOMEOWNERSHIP) It’s understandable to be unsure about buying a house in COVID times, but there are some good reasons to take advantage right now.<\/p>\n","protected":false},"author":337375,"featured_media":16646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[602],"tags":[2037,2038,1423,426],"class_list":["post-16645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership","tag-buying-home","tag-interest","tag-moving","tag-real-estate"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2020\/10\/HouseKeysHand.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/16645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337375"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=16645"}],"version-history":[{"count":2,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/16645\/revisions"}],"predecessor-version":[{"id":16649,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/16645\/revisions\/16649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/16646"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=16645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=16645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=16645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}