The economy is facing one of the most unprecedented threats in recent times as the coronavirus continues to wage its war on the world. Unfortunately that means making the decision to refinance or purchase a new home at this time could be a gamble for home buyers. So, what advice are mortgage professionals giving their clients?
Longtime mortgage lender Don Frommeyer is advising his clients to apply for a refinance or purchase loan and get their paperwork in now, according to the Houston Chronicle. "That way once rates fall again, they're ready to lock in a low rate. Rates at his company, CIBM Mortgage, in Indianapolis, were at 5.5% as of Friday.
Frommeyer, who is also chairman of the Originator Connect Network, told the Chron that in his 45 years of being in the mortgage business, he has never seen the rates as crazy as they have been.
There is plenty of uncertainty surrounding the rates as there is no telling where they will land in the future. To learn more about the uncertainty surrounding mortgage rates, click here.