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Mortgage Interest Rates During COVID-19 Pandemic

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The real estate market continues to thrive during COVID-19 with the lowest interest rates on mortgages and home equity lines of credit that we've seen in years if not ever during our lifetime(s). As rates continue to fluctuate there is a flurry of activity in the residential market. 
 
Matthew Graham, the chief operating officer at Mortgage News Daily states “I think rate levels will be directly tied to the ability of the economy to recover. If it goes better than expected, rates would rise, and vice versa if things remain sluggish. Either way, the Fed is committed to keeping shorter-term rates lower for longer, and that will help to anchor longer-term rates like mortgages to some extent.” Further, according to the Mortgage Bankers Association “Mortgage applications to purchase a home were up 13% annually last week.” This has helped the housing market recover quickly after the short down fall it experienced at the start of the COVID-19 pandemic. As rates lower and inventory remains stable it is important to have proper legal representation in the purchase and sale of your home. 
 
Understanding the loan process, finding the proper lending source, and understanding the closing and lending process is something your attorney should help with. At SLG we help navigate the challenges each family faces in the purchase and sale of real estate. Even before entering into a contract SLG acts as an education resource to help each client with the most basic of questions in the home sale and purchasing process. With interest rates being where they are it is important to have responsive and proper legal representation in place even before you are under contract. We represent your interests from the start of your search/listing to closing. So call us even before you start thinking about the real estate process. We are here to help and all consultations are free. Please reach out at info@sherwoodlawgroup.com or 312.627.1650. Visit our website at www.sherwoodlawgroup.com to meet our team and review all our services. We look forward to hearing from you.

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