The housing market is booming, and one of the reasons is low interest rates, according to Jeremy Durkin, a senior mortgage consultant at Devon-based Trident Mortgage, writes Michaelle Bond for The Philadelphia Inquirer.
Record-low mortgage rates have made borrowing money to buy a home cheaper than ever before. Also, any households that have not lost a source of income during the pandemic are saving money, including on commuting and vacationing. This leaves them with thousands of extra dollars.
“A lot of people we’ve seen have decided to buy a house with that money,” said Durkin. “A big sector has more money than ever.”
Another boon is that people no longer need to put down 20 percent when buying a house. Actually, the median down payment nationwide is now 12 percent for all buyers and six percent for first-time homebuyers in 2019.
“You don’t need to have 20 percent saved up to buy a house. People really still think that,” said Durkin. “If you want to buy a house and you only have a few thousand dollars, we can still make it work many times.”
Read more about Trident Mortgage in The Philadelphia Inquirer here.
