Mortgage Interest Rates in Kansas Fall Amid Coronavirus Threat
Mar 8, 2020
Mortgage interest rates fall to lowest in over 8 years amidst coronavirus threat to global economy. Buyers should act quickly to reap the benefits of a record-breaking low interest rate.
Augusta, United States - March 8, 2020 /PressCable/ —
Interest rates in Kansas and across the country are now the lowest they have been in over 8 years following the impending Coronavirus threat. While low interest rates are usually a catalyst for more buyers to enter the market, experts are saying that the real estate market may not see the lift that sellers desire due to low inventory.
The 30-year fixed-rate mortgage fell to 3.29% during the first week of March 2020, falling almost 16 basis points from the week prior according to Freddie Mac reports. The previous all-time low for a 30-year fixed-rate mortgage was back in 2012 following the 2008 housing market crash and following recession that affected the global economy.
Mortgage rates have been on a consistent decline throughout all of 2020 but have made significant drops more recently in response to the COVID-19 outbreak and concerns for how that will affect the global economy now that spread of the virus across the world is imminent, with over 75 countries reporting confirmed cases of the coronavirus within their borders, according to cdc.gov/coronavirus.
What does this mean for homeowners and those looking to purchase a home in 2020 in Kansas and across the country? The time is now to take advantage of extraordinarily low interest rates.
Homeowners interested in cashing in on the equity in their home or refinancing to reduce their monthly payment and save thousands of dollars in interest over the lifetime of their home loan are presented a great opportunity. “If you have solid credit and are in a position to refinance your home, taking advantage of these low interest rates before they inevitably begin to rise again would be in your best interest,” said Wichita Kansas Realtor, Diana Burress of B Realty, LLC.
The decline in rates has become a catalyst for another refinancing boom, with mortgage applications increasing 10% last week over the previous year and only further increasing, according to a chief economist at Freddie Mac.
Another segment that can benefit from low interest rates are homebuyers, and this change is arriving right at the start of spring, which is traditionally one of the busiest times of the year for the real estate market. With more homebuyers being enticed to take advantage of the competitive rates, that could push the local real estate market further into a seller’s market. In 2020, the real estate inventory (number of homes listed for sale) has been historically low.
For buyers this means one thing, enjoying historically low interest rates will come at the cost of an extremely competitive selling market and could result in higher price tags than if the market was more stable. For sellers this means the market is prime to get your home listed.
“The market is really volatile right now. There are homes selling within one day of listing and others that are sitting for months. I’m hopeful this change in interest rates will get more buyers out there looking, which will encourage potential sellers to pull the trigger on listing their home,” continued Kansas Realtor, Diana Burress.
For more information about the local real estate market in Wichita, KS and surrounding areas visit www.dianaburress.com
Contact Info:
Name: Diana Burress
Email: Send Email
Organization: Diana Burress B Realty
Address: 401 15th Avenue, Augusta, KS 67010, United States
Phone: +1-316-258-2692
Website: http://www.dianaburress.com/
Source: PressCable
Release ID: 88949158
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