Mortgage rates remain at record highs during pandemic

An East Texas mortgage specialist says if you’re thinking about buying a new home, don’t wait.


As people stay at home during the COVID-19 pandemic, East Texans are still buying new homes.

“I’m told when we close it will be like a drive-through shutdown and our real estate agent won’t be able to be there or anyone,” Kree Fisher, who is in the process of closing a new house in Marshall, said. “It’s just me, my husband and I guess the person who’s shutting down.”

Despite a global pandemic and mostly virtual means of communication, Fisher says the virus hasn’t stopped them from finding new homes.

In fact, Kenneth Travis, branch manager at Mortgage mark at Longview always sees what they consider to be a high number of customers.

“We’ve been extremely busy,” Travis said. “We have 30 home buyers buying homes in April. I think it’s a much better time to buy a house today than to procrastinate it. We have seen lower rates over the past 30 days than over the past 30 years.

Mortgage finance giant Freddie Mac has signaled a drop in demand from home buyers due to current economic conditions, but as people receive support from the current stimulus package, that could change.

He also reported the mean 30-year fixed mortgage rate at 3.3% on the weekend of April 2.

“If someone could buy a house at 5%, maybe $ 100,000 is the maximum they can buy, well your rates go down to 3%, now they can buy a house at $ 150,000 and the same payment is paid, ”Travis said. “This is a great opportunity for some people to increase the number of buyers and move into a bigger house with such low rates and maybe something more preferable, and there are sure ways that people keep buying a house. ”

RELATED: April Bills Are Due. Here is a survival guide.

RELATED: Fed Cuts Rates Near Zero, Relaxes Bank Lending Rules

RELATED: Tyler Prepares To Rank Important For Low Home Insurance Rates

RELATED: Mortgage Rates on 30-Year Home Loans Hit 5%, Nearly 8-Year High

Previous Oaktree Specialty Lending Corporation completes merger with
Next How did the Prairie housing markets perform last month?