ATLANTA - The coronavirus is affecting our country in every way, especially economically.
The federal government has told lenders to lower or suspend mortgage payments for homeowners who have lost income because of COVID-19.
There are two sides to every coin, real estate agents say.
RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates.
FOX5's real estate expert says now is the time to buy or refinance a home if you're in the market, despite a slight recent spike in mortgage rates.
"If you’re currently living in a home and have a loan that’s anything above 4.5%, now would be a great time to refinance," Adams said.
"And I’d say the same thing for anyone looking for a home to purchase," he continued.
But be aware: Rates change constantly because so many people pulled out of the market with the economic uncertainty of the coronavirus.
This lowered rates over the past few weeks and buyers jumped on them.
Adams says that "doubled mortgage applications overnight."
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"All of a sudden the mortgage companies did not have the capacities to process any more loans and almost out of a defensive posture, raised rates to protect themselves," he said.
That's why, Adams says, we saw the increased rates this week. They’re inching toward 4 percent.
But he also says this is a case of supply and demand. As buyers “back off” of the heightened rates, companies will lower them once again.
"There’s never a right time to buy a home, but if you have to do it you want to do it when rates are at or near historic lows. We’re there right now," Adams said.