Covid Adds Boom to the Mortgage Industry

Covid may be a pain and might be causing financial difficulties for most people around the world, however there is one industry that is on fire. With lower interest rates, mortgage lenders are making money "hand over fist". Their profit margin is so high that they are setting record level earnings and some companies have earned such high profits they have even gone public. While there is so much sadness and unhappiness in our world right now due to the pandemic, it is uplifting to learn one industry is having tremendous success, especially when their success creates a wonderful savings opportunity for the rest of us.

Right now interest rates are low enough that the average savings for a homeowner is over $300.00 a month. This news article suggests the financial boom for the mortgage lenders will most likely not last long, but the interest rates themselves are predicted to stay very low for at least a year.

If you would like to learn more please see the Philadelphia Inquirer article from yesterday, and consider your own options - saving money is always a good idea!