To find out if now is the time to buy, check out this week’s mortgage highlights:
- Multiple experts have pointed to three critical items that may keep the US economy, and perhaps, the global economy from descending into a depression.
- First, monetary policy must keep financial markets from failing. Second, governments must address the fiscal side with broad stimulus support. Third, health policy must contain and eventually control the virus.
- The Federal Reserve rose to the challenge this week and unleashed unprecedented supports. Without the Fed, credit markets would have frozen. A $2 trillion legislative package was signed into law, but even that may fall short of what is needed. Until the future seems more certain on the health side, financial markets are likely to be whipsawed about.
- With critical supports firmly in place for the mortgage market, rates may stabilize in the coming days, but even that is uncertain given these chaotic times.
- As we shift into this new paradigm, if you are in the process of mortgage financing, it is imperative that you stay in touch with your lender as things are moving very erratically for the time being.
- Is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search or take a virtual tour of Southern California Open Houses on our Facebook group.
Scammers Cashing In on Mortgage Relief
Freddie Mac and Fannie Mae, along with many other lenders, announced programs to help people impacted by the crisis. Sadly, this has opened an opportunity for scammers to try and take advantage of those in financial straits. Fannie, Freddie, and most mortgage lenders do NOT make calls to consumers offering relief. If you receive a call from anyone unknown offering help during this crisis, do not give out any personal, mortgage-related, or financial information.