Coronavirus Causes Record Low Interest Rates
As of March 2020, the global economy is finding it’s self nearing a financial crisis. While we can’t exactly report on the whole spectrum, we can look into how it has affected real estate.
Where real estate is concerned, the results of the coronavirus are shocking. The 10-year Treasury Yield is at an all-time low.
With the uncertainty amidst our economics, there is an overwhelmingly increasing level of people searching for homes and applying for mortgages. Current homeowners are also riding the low-interest wave by refinancing! Statistics are showing a 79% increase in applications. If you’ve considered refinancing, the time is now.
It is expected that the coronavirus poses the biggest threat to the global economy since the 2008 financial crisis. The main concern is that the situation is going to get worse before it improves.
The silver lining, however, is for the house hunters! If you were on the fence about buying, selling, or refinancing- let’s get to work. The McClung Group works throughout The Woodlands and Houston surrounding area, assisting in relocation services as well.