Interest rates for borrowing money are at historic lows, with 0 percent for vehicle and personal loans. In the real estate market, Karen Berget of American Eagle Realty told the KMRS Ask the Experts program that lenders and appraisers have been “super busy” with mortgage refinancings and a busy spring real estate market, despite extra COVID guidelines for viewing and marketing a home. While percentage rates are not as rock bottom as the personal loan market, Berget said rates are incredibly low.
“For a 30-year fixed, we’re seeing them under 4 (percent). We’ve seen a couple under 3. So, 2.75, which is an amazing interest rate,” said Berget. “I mean, that’s just about as low as you’re gonna see them. Anything under 5 is really pretty good. Anything under 4 is extremely good.”
Berget said she has been surprised at the amount of activity in the area real estate market, spurred in large measure by the low interest rates. She also had one client wanting to move to Stevens County to escape a highly populated urban area, a response, in large measure, to the current pandemic.