There has been a lot of talk in the housing market about interest rates dropping to record lows and this being the time to refinance your home. Because of all these developments, lots of people have started to wonder how this is affecting the overall cost of homes in the United States. After all, if everything is dropping right now, why not home prices, too? But in fact, this is not exactly how things are going right now.
While it is true that if you decide to refinance your existing mortgage right now, you may be in for a massive bargain, it is not exactly true that buying an entirely new house will cost you significantly less than before. Right now, after months of Covid-19-related troubles, the housing market is slowly recovering. While it is true that most people in the United States are still in for a lot of issues due to the coronavirus after repeatedly failing to contain it, the housing market is on its way up again so far. Year on year, the housing market in June was even up by 5.6 percent, which should tell you that massive bargains may be hard to find these days. Click here to learn more.