Mortgage Interest Rates in Kansas Fall Amid Coronavirus Threat
Mar 8, 2020
Mortgage interest rates fall to lowest in over 8 years amidst coronavirus threat to global economy. Buyers should act quickly to reap the benefits of a record-breaking low interest rate.
Augusta, United States - March 8, 2020 /PressCable/ —
Interest rates in Kansas and across the country are now the lowest they have been in over 8 years following the impending Coronavirus threat. While low interest rates are usually a catalyst for more buyers to enter the market, experts are saying that the real estate market may not see the lift that sellers desire due to low inventory.
The 30-year fixed-rate mortgage fell to 3.29% during the first week of March 2020, falling almost 16 basis points from the week prior according to Freddie Mac reports. The previous all-time low for a 30-year fixed-rate mortgage was back in 2012 following the 2008 housing market crash and following recession that affected the global economy.
Mortgage rates have been on a consistent decline throughout all of 2020 but have made significant drops more recently in response to the COVID-19 outbreak and concerns for how that will affect the global economy now that spread of the virus across the world is imminent, with over 75 countries reporting confirmed cases of the coronavirus within their borders, according to cdc.gov/coronavirus.
What does this mean for homeowners and those looking to purchase a home in 2020 in Kansas and across the country? The time is now to take advantage of extraordinarily low interest rates.
Homeowners interested in cashing in on the equity in their home or refinancing to reduce their monthly payment and save thousands of dollars in interest over the lifetime of their home loan are presented a great opportunity. “If you have solid credit and are in a position to refinance your home, taking advantage of these low interest rates before they inevitably begin to rise again would be in your best interest,” said Wichita Kansas Realtor, Diana Burress of B Realty, LLC.
The decline in rates has become a catalyst for another refinancing boom, with mortgage applications increasing 10% last week over the previous year and only further increasing, according to a chief economist at Freddie Mac.
Another segment that can benefit from low interest rates are homebuyers, and this change is arriving right at the start of spring, which is traditionally one of the busiest times of the year for the real estate market. With more homebuyers being enticed to take advantage of the competitive rates, that could push the local real estate market further into a seller’s market. In 2020, the real estate inventory (number of homes listed for sale) has been historically low.
For buyers this means one thing, enjoying historically low interest rates will come at the cost of an extremely competitive selling market and could result in higher price tags than if the market was more stable. For sellers this means the market is prime to get your home listed.
“The market is really volatile right now. There are homes selling within one day of listing and others that are sitting for months. I’m hopeful this change in interest rates will get more buyers out there looking, which will encourage potential sellers to pull the trigger on listing their home,” continued Kansas Realtor, Diana Burress.
For more information about the local real estate market in Wichita, KS and surrounding areas visit www.dianaburress.com
Contact Info:
Name: Diana Burress
Email: Send Email
Organization: Diana Burress B Realty
Address: 401 15th Avenue, Augusta, KS 67010, United States
Phone: +1-316-258-2692
Website: http://www.dianaburress.com/
Source: PressCable
Release ID: 88949158
More News
Uzbekistan Wants Out of the Iran-US Social Media War
Tashkent summoned the Iranian ambassador to lodge a protest regarding social media posts by Iranian diplomatic missions regarding the history of Samarkand.
‘Pull Out the Sick Trees’: Xi’s Constant Purges Pave Way for Next Term
The Chinese leader Xi Jinping, who is likely preparing to secure a fourth term in power in 2027, has complained that officials cannot be trusted.
Beyond the Pukpuk Treaty, Australia’s Strategic Footprint in PNG Grows
In the wake of the Pukpuk Treaty, Australia and PNG continued to deepen relations with a new rotation planned, defense infrastructure investment, and expanded ADF recruitment.
Singaporean woman admits conspiring to abuse Megan Khung, helping dispose of her body
A Singaporean woman pleaded guilty on Monday to conspiring with a friend and the friend’s boyfriend to abuse four-year-old Megan Khung, and helping to dispose of the child’s body after she died following months of abuse. Nouvelle Chua Ruoshi, 36, pleaded guilty to three charges, including conspiracy to commit child abuse, intentional disposal of a corpse and methamphetamine consumption, The Straits Times reported. Three further charges for conspiracy to commit child abuse will be considered when...
A US Pivot Toward Commercial Espionage?
However justified or inevitable it might be, this represents a major shift in how the U.S. has thought about intellectual property for the last three decades.
Face-Offs at India-China Border Are Continuing at Multiple Points, ITBP Chief Confirms
Since June, civil society groups and local media warned of PLA encroachments into Arunachal Pradesh. Hitherto, Delhi’s response was to deny and dismiss their claims.
Climate damage to Philippine ports could cost US$70b a year by 2100
The Philippines faces the highest climate-driven port damage costs in Southeast Asia, with annual losses projected to hit US$70.2 billion by 2100, the Asian Development Bank (ADB) has warned. Analysts say the damage could cripple supply chains, drive up food prices and threaten livelihoods, urging Manila to adopt a more coordinated approach to flood protection rather than simply strengthening port infrastructure. In its latest report titled “Asia-Pacific Climate Report 2026: Coastal Risks on the...
What Does Durga Puja Tell Us About Minorities in Bangladesh?
The largest Hindu religious festival went off smoothly – a credit to the new BNP government.
Indonesia defends Singapore gas cuts, cites rising domestic needs and contractual limits
Indonesia has defended its decision to cut natural gas exports to Singapore, citing domestic electricity and industrial needs and arguing that the reduction remains within contractual limits. The cuts came days after Indonesia’s energy minister warned that his country could stop exports to nations that “did not respect” it. On Monday, Energy Minister Bahlil Lahadalia defended the reduction of 31 million standard cubic feet per day in pipeline gas exports to Singapore, saying it represented about...
AI chip surge lifts South Korea to record surplus, behind only China
South Korea earned US$116.63 billion more from the world than it spent in the second quarter of this year – exceeding the combined current account surpluses of Germany and Japan for the first time on record. The current account measures a country’s trade and income with the world. It counts goods and services sold abroad, money earned on overseas investments and payments flowing the other way. A surplus means more foreign currency is coming in than going out. Surging demand for semiconductors...
China may well be the next big competitor for Asian migrant labour
For decades, China was one of the world’s largest sources of migrant labour. Its workers staffed factories at home and built infrastructure abroad. But demographic decline may eventually force China to contemplate a striking reversal: importing workers on a meaningful scale. That change is not imminent. China still has a vast labour force and substantial youth unemployment. It is investing heavily in industrial automation, extending working lives through a gradual increase in the retirement age,...
‘Fed up’ Malaysian sultan rebukes scandal-hit pilgrimage fund, demands accountability
A Malaysian ruler is demanding accountability over the mismanagement of a pilgrimage fund, after a government rescue package, criminal proceedings against former officials and half-hearted reforms have fuelled concerns about political influence in an institution entrusted with the savings of millions of the country’s Muslims. Tabung Haji holds the savings of more than 9.8 million depositors and helps Malaysian Muslims finance and undertake the pilgrimage to Mecca, a religious obligation for...
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.