Effects of Covid 19 on the mortgage and real estate industry have been significant. Mortgage rates have decreased but credit standards have increased, particularly for self-employed borrowers and employees in impacted industries. Home prices meanwhile are experiencing rapid price appreciation which are also a result of low rates and buyers seeking refuge in a home of their own. The homebuying experience is filled with timidness for those sellers and buyers worried about contracting Covid 19 with many new rules put in place by both government agencies and realtor associations.
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