For those who are able or are choosing to relocate amid the COVID-19 pandemic, there are a few positives to take advantage of, and those could make it worth the risks.
First positive: To support your home purchase in the new location, yep, like the title states, mortgage rates have hit a 50-year low and are now at 2.98% on the average 30-year fixed rate mortgage, according to Freddie Mac. The 15-year fixed-rate mortgage dropped to 2.48%. This is good for buyers, and for sellers, since it increases demand among homebuyers. According to the CNN Business report below, "Rates that are more than 80 basis points below last year's level mean financing the typical home is $125 less per month versus the same-priced home at last year's rates."
Second positive: If you are selling a home, not only do your buyers have great access to money, which keeps demand high, but right now inventory remains low and list prices have remained high. We have many examples of sellers with homes that are "market ready" that have gotten multiple offers and sold in very short time-frames and above their list price. That is great news for those in the market to sell.
Third positive: There had been an increasing reluctance to relocate, and COVID-19 has dramatically pushed that reluctance further. Some companies are actually hiring, and the willingness to relocate could give someone an advantage as many second guess a decision like this right now.
Fourth (and last) positive: The busy season may not be so busy. Besides mortgage rates being at a 50-year low, the volume of people moving this summer will probably be at a 50-year low, too. Chances are that someone relocating can likely get movers on the dates that they want or need them, delivery dates will more often be met, and most of the supply-chain involved in supporting those who relocate have found work-arounds to support via virtual services.
I guess if you decide you don't want to relocate, you can just refinance your current situation!
The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. That's the lowest level in the nearly 50 years of the mortgage giant's survey. The 15-year fixed-rate mortgage dropped to 2.48%. The average rate for a 30-year-fixed mortgage dropped below last week's record low of 3.03% and marks the seventh new low since March.