Anyone that bought in 2018 or early20 19 (or has a rate above 4.25%) it is highly likely they can benefit from the lower rates. These rates may continue to drift down, or if the virus scare abates and markets rebound we may go back to where we were a few weeks back.
BUYING POWER: in a market like ours where prices move up by 7-9% per year and wages do not, buying power is diminished......lower rates help to offset that of course.
Example: a loan amount of $350,000 with a rate of 4.125% with Principle & Interest of $1696, borrowing power can go up to $378,000 at 3.5% while the payment stays $1697.
Pay attention to the mortgage rates, it could be a big win for you during this time!