TUPELO, Miss. (WTVA) - Interest rates are at an all-time low because of the Coronavirus pandemic.
However, some mortgage consultants said the industry is slowing down.
Jim Shirley is a consultant at Gum Tree Mortgage in Tupelo. He said the good news is these are the lowest interest rates in forty years.
The virus changed the way the company does business. The pandemic created the need for tighter guidelines on verification of employment.
There is also a longer wait to process loans because of the verification process. At Gum Tree Mortgage more people are refinancing than purchasing homes.
Shirley said part of the reason is some homeowners are reluctant to allow in-person home tours.
Because of this some realtors are doing virtual home tours.
Shirley encourages people who want to purchase homes and homeowners who want to refinance to do it soon.
"The Federal Reserve has been intervening in mortgage backed securities which helps to push interest rates lower and their beginning to push back from that and buy less each week. So, we think we've seen the lowest rates we're probably going to see," said Shirley.