One silver lining in the Covid-19 pandemic cloud is that mortgage rates have dropped to historic lows.
Whether you are purchasing a home or refinancing an existing mortgage, now is a prime time to take advantage of interest rates that have dropped as low as 2.86 percent for a 30-year fixed or 2.37 percent for a 15-year fixed mortgage.
According to Freddie Mac, the low rates are due to a late summer slowdown in the economy. The rates have not been this low since at least 1971.
Another suggested reason for the lower rates is a decline in the stock market. Considering how the market is always on the brink of recovery, those who are able to should cash in on the lower mortgage rates.
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-Sojourner Justice
