Are Mortgage Rates for Rural Home Loans Going Down?
The coronavirus pandemic has plunged the US economy into an extremely unstable and unpredictable state. Entire sectors of industry have virtually been put on hold. As market trends continue to oscillate wildly, investors have been continuing to nervously keep an eye on their assets. But as the old saying goes: in every crisis, there lies opportunity. If you’re interested in buying a rural home, now might be your best chance to secure a loan with a super-low rate.
In this article, we’ll outline some recent mortgage rate activity, and how you can find an optimized rural home loan.
What Are Mortgage Rates Likely to Be Like in 2020?
The nationwide, federally-mandated quarantine is about to enter into its second month. As a result of this economic deep freeze, mortgage rates have been plummeting. This trend is occurring just weeks after rates hit a historic low (3.29%) in early March. As we move into May, this declining trend in mortgage rates shows no indication of stopping anytime soon.
Should You Secure a Low-Rate Rural Home Loan Now?
The economic impact of the coronavirus has precipitated more than just a declining trend in mortgage rates. It’s also made homes much more affordable and has produced a sharp uptick in demand for refinancing. The bottom line is that this could be a great opportunity to secure a rural home loan with an all-time-low rate.
But before you buy, you should also consider if you want to make your move now or wait a month or two. As we already mentioned, the market is extremely volatile right now, which means that rates could easily and suddenly skyrocket. Historically low rates also can produce a huge surge in demand, which can also cause mortgage rates to suddenly increase. However, for the time being, rates are relatively low. If you’re not sure about how to act, it may be best to consult one of our mortgage experts.
Start Shopping for the Optimal Rural Home Loan
At the end of the day, the question of whether you should seize the present opportunity comes down to risk. How well is your current budget and investment portfolio situated to tolerate sudden fluctuations in the market?
Thankfully, however, rural home loans are not a one-size-fits-all type of commodity – there are tons of different options out there. At MSF Agriculture, we specialize in pairing individuals and families with loans that are catered to their budget and schedule. To learn how our lenders can connect you with a rural home loan with a competitive rate, contact us today!