The ongoing coronavirus pandemic has caused global challenges, and it continues to affect the personal finances of many Americans. According to a Pew Research Center survey, 44% of respondents believe it will take them three years or longer to recover financially.
The pandemic has also had a significant impact on the national home market. According to the National Association of Realtors, existing home sales fell in March, dropping 3.7% from the previous month. Month over month, those sales dipped in all major parts of the United States, and the median existing home sales price rose to nearly $330,000.
The global health crisis’s effect was also felt on home market conditions and home prices. Average mortgage rates that are at their lowest level in years, meaning that for interested home buyers, there’s never been a better time to purchase a home. You can explore your mortgage options by visiting Credible to compare rates and lenders.
