When the coronavirus pandemic first reached U.S. shores earlier this year, worries abounded about how it would affect the country’s housing market.
But now, the end of the pandemic may be in sight. On Monday, the COVID-19 vaccine candidate from BioNTech BNTX, +4.30% and Pfizer PFE, +2.85% became the first to demonstrate it could protect people from contracting the illness in a Phase 3 clinical trial — with a reported efficacy rate of 90%. What’s more, Pfizer’s vaccine candidate is taking a similar approach as some of the vaccines being developed by other companies, meaning that other vaccine candidates could hold similar promise.
In time though, a vaccine would naturally cause rates to rise. “It should push overall interest rates up because it improves prospects for economic growth,” said Danielle Hale, chief economist at Realtor.com. Already 2020 is on track to be one of the best years ever in terms of the number of Americans who refinanced their home loans. But if rates do rise, the number of people who would benefit would shrink.
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