What Is The Impact Of COVID-19 On Home Value?

It is no secret that the COVID-19 pandemic has had an impact on everyone; however, there are a few impacts that are being overlooked. In addition to the public health crisis and the tanking of the stock market, there are also impacts of the virus on people’s home values. Some of these impacts have been positive while others have been negative. Regardless, it is important for everyone to understand how these impacts might impact someone’s home value, particularly for those who are looking to buy or sell a home in the future. The Dropping Rates Of Mortgages Because of the shelter in place laws surrounding the COVID-19 pandemic, not many people are looking to move right now. As a result, banks have had a hard...

Read More

What’s Ahead For Mortgage Rates This Week – August 3, 2020

Last week’s economic reports included readings from Case-Shiller Home Price Indices, data on pending home sales, and the consumer sentiment index released by the University of Michigan. The Federal Reserve released a statement from its Federal Open Market Committee and Fed Chair Jerome Powell gave a press conference. Weekly readings on mortgage rates and expanded reports on jobless claims were also released. Case-Shiller Home Price Readings Showed Slowing Home Price Gains in May May readings from Case-Shiller Home Price Indices showed no decline in home prices, but the national pace of home price growth slowed to 4.50 percent from April’s national average of 4.60 percent. The Case-Shiller 20-City Home Price Index reported slower home price growth in May with only three of 19 cities reporting...

Read More

FOMC Statement: Fed Holds Key Rate Steady as Coronavirus Spreads

Wednesday’s post-meeting statement of the Federal Reserves Federal Open Market Committee reaffirmed its concern over the coronavirus pandemic and its impact on the economy and health of all Americans. The Committee voted to hold its benchmark target federal funds range at 0.00 percent to 0.25 percent. Analysts do not expect the Fed to raise its key interest rate more than once in the next three years. Federal Reserve Chair Jerome Powell said that the sharp increase in Covid-19 cases in mid-June kept the economy from recovering after the virus pandemic caused a historic plunge in the U.S. Gross Domestic Product during the second quarter. Chair Powell described the resurgence of Covid-19 as “flattening the curve of the recovery,” and said that efforts taken to control...

Read More

Why Now Is A Great Time To Apply For A Home Loan

The idea of owning a home is enough to bring joy to nearly anyone’s eyes. The reality is that many people are a bit skeptical about looking for a home in the present climate. While the pandemic can make it hard for people to go outside and explore, now is still a great time to apply for a home loan. This is a great opportunity for people to fulfill their homeownership dreams. There are a few reasons why now is a great time to look for a home. The Property Prices Are Low First, property prices are low right now. There are a lot of people who are looking to move and not many people are looking to buy a home. This means that property...

Read More

Three Ways That Your Credit Score Affects Your Mortgage and Your Chance of Obtaining One!

If you’re thinking of buying a home, you’ve probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application. Your Credit Score Affects Your Ability To Get A Mortgage The first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you have a very low credit score, you may not be able to obtain a mortgage at all. Different lenders will have different criteria for determining safe and unsafe lending situations. Typically, if you...

Read More