ROANOKE, Va. – As we’ve reported the coronavirus is having a huge effect on the markets.
While President Trump announced that the Federal Reserve dropped the rate to zero percent Sunday, that doesn’t mean mortgage rates will go that low.
Local lenders said they are overwhelmed with the number of people looking to refinance or lock in a rate on a new home.
But that 0% just applies to short-term, personal loans, car notes, credit cards and interest rates on savings account.
One lender told us, now is the time to refinance and don't wait in hopes mortgage rates will drop even more.
“Waiting too long you could miss the market entirely. If you wait two, three, or four months and think that the rates are going to be a one percent you could find yourself totally missing the opportunity to refinance,” said Bobby Nicely, ALCOVA Mortgage co-founder.
Lenders are also working to get paper work filed quickly before local courts potentially close due to the virus.