It may not be a magic 8-ball but many Americans appear to be turning to Google for advice on their real estate plans. Data from Google shows that the number of people in the U.S. searching the phrase “Should I buy a house?” doubled in March from the previous month, reaching an all-time high.
The increase suggests that while potential home buyers may have been tempted by last week’s low mortgage rates, concerns about the novel coronavirus’ impact on the economy has them taking questioning if now is the right time to make a move.
Other search terms that saw a significant increase on Google include “Mortgage loan” and “Mortgage rates today”, the latter peaking after the Federal Reserve cut interest rates by 50 basis points on March 4.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.