Interest rates are at historic lows. Is it time to go house-hunting?


Usually, the best time to buy a house is in the late summer or early fall — but 2020 is turning out to be anything but a usual year.

With the economy expected to tip into a recession, homebuying is probably the last thing on many people’s minds. On the other hand, mortgage rates are at all-time historic lows, thanks to interest cutting by the Federal Reserve.

So if your income is safe, you want to move into homeownership and you have money set aside for a down-payment, it may be the time to go bargain-hunting.

Jonathan Weaver, MVI housing counselor, used the Zoom conference platform to hold his first online “homebuyer’s club” April 8.

Weaver is helping potential homeowners answer questions about financing, credit scores, closing costs, home inspections and other issues.

Due to the statewide stay-at-home order, real estate agents are not allowed to show houses to potential buyers. But virtual tours are available and many parts of the process — including qualifying for a mortgage — can be completed online, by mail and over the phone.

“This will all be over some day,” Weaver says. “If you think homebuying is in your future, let’s work together to create a plan for when things are back to normal. If you make smart decisions now, you have a better chance of getting the home you want later.”

For our free PHFA- and HUD-approved housing counseling services:

• Call 412-464-4000, ext. 4008, or 724-565-8040, ext. 1
• Text “housing counseling” to 412-545-3181
• Email jweaver@monvalleyinitiative.com