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The Coronavirus pandemic has already caused major changes in the lives of most Americans, but one unexpected result of the virus is that Boston residential real estate loan rates have fallen to new lows. 

However, uncertainty, the very thing that drove the average rate on a 30-year fixed mortgage to a record low this week, could prevent Boston condo buyers and prospective homeowners from pulling the trigger on a purchase.

The rates are great, although everyone remains concerned about what tomorrow will bring regarding the economy and coronavirus.

The 2.98 percent average rate on America’s most popular home loan is the lowest in half a century, according to Freddie Mac, the nation’s largest owner of residential mortgages. But amid the continued economic volatility, banks have been ratcheting up lending standards on home purchases, choosing to focus on refinancing.

Meanwhile, the pandemic has also upended the brokerage business, as states and cities scrambled to determine how best to conduct residential transactions while maintaining social distancing. Virtual tours were in, home showings were out, and deals were down. Now, an increasing number of states that have reopened their economies are experiencing a spike in Covid-19 cases.

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