PONTIAC, Mich. (WXYZ) — The headlines about the coronavirus have many stocking up on supplies and worried about the impact it will have on their lives. It is possible the situation also should have you taking a look at refinancing your mortgage.
Mortgage rates are near, and possibly at, historic lows. In metro Detroit, where mortgage lenders are major employers, it is good for business.
At United Shore in Pontiac, the phones are ringing off the hook. Workers are seeing a huge increase in people wanting to lock in a rate on a mortgage or refinance their current mortgage. The reason? The chief strategy officer at United Shore, Alex Elzaj, says lenders are seeing rates in the high twos and low threes.
“If you have a mortgage right now, most likely you are going to save money,” Elzaj said.
Mark McCaslin, a realtor with The Brokerage in Clarkston, says he has seen an increase in people shopping, hoping to buy with these new rates. Houses are selling fast.
Mortgage Originator at Team Direct Home Mortgages Pallavi Abbott says the mortgage rates started falling just before the Federal Reserve lowered rates, amid concerns about how the new coronavirus would impact the economy.
“What people don’t understand is mortgage rates are actually a result of the market forces and not the feds," Abbott said. "In essence, the feds are actually following market forces."
The market forces may be pushing mortgage rates down, but they are also leading to growth in the real estate and lending industry. For example, at United Shore in Pontiac they are working hard to hire people.
“There are about 2,000 to 3,000 people we will be adding to our company this year, which is exciting,” Elzaj said.
You can find out more information about job opportunities at https://www.unitedshore.com.