As mortgage rates fall, homeowners look to upgrade


Mortgage applications are skyrocketing after the Federal Reserve cut interest rates yet again to boost the economy as a result of the coronavirus scare. Rates are now as low as 2.75%.

“The low interest rates make a huge difference on a person's monthly mortgage payment,” said Sheila Monson, publisher of the Alaska Living and Real Estate blog.

Monson says not only do the current low interest rates mean lower payments, they also allow potential buyers to afford a nicer home.

“These rates will eventually go up so now is the time to buy or sell,” says Monson. “Don‘t wait for the summer to sell your home. Inventory is low right now and now is the time to sell.”

Monson says she had three pre-qualified buyers this week looking to purchase but inventory is currently very low. If homeowners wait until summer they will miss out while interest rates are at a three-year low.

Monson says some clients are upgrading to bigger homes and yet still lowering their monthly payments because of the drastically low interest rates.

Monson recommends homebuyers and sellers call her now to set up a private consultation. Her number is 907-841-0840. Check out her Alaska Living and Real Estate blog at SheilaMonson.com.