The Federal Reserve announced Wednesday that it would keep its benchmark interest rate near zero through 2022—a move that could set the course for record low mortgage rates for the next three years. The Fed’s key rate doesn’t directly affect mortgage rates, but it often influences them. The federal funds rate is what banks charge one another for short-term borrowing.

The Fed’s decision was a response to the economic impact of the COVID-19 pandemic. The Fed also announced it will continue to increase its bond holdings to help preserve the flow of credit. “The Federal Reserve’s view that a rate hike will not occur for three years is a signal to the market to expect an all-in accommodative monetary policy,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “It is also very likely that the Fed will be aggressively purchasing mortgage-backed securities behind the scenes.”

Yun says that could help push mortgage rates even lower—at or near 3%—for an extended period of time. “If inflation, for an unexpected reason, should pop up, then mortgage rates will rise independent of the Fed, as loans need to compensate for the loss of purchasing power of the dollar—which happened during the 1970s,” Yun says. But as of now, rates are expected to remain low, and that could be a boon for home buyers.

The COVID-19 pandemic has changed the ways people have conducted business, and some housing experts predict it will forever change real estate’s processes. Consumers likely will depend more on their real estate agent than ever before, Jennifer Anderson, a real estate pro in the San Diego area and an honoree in the National Association of REALTORS®’ “30 Under 30” class of 2014, wrote in a recent column for Forbes.com.

Before the pandemic, many real estate processes still required printed documentation. A digital transformation has occurred in the housing market as real estate professionals rushed to adapt how they showed and closed on homes while the coronavirus outbreak placed cities in lockdown.

“Even though most buyers will always prefer in-person walk-throughs, virtual showings offer a beneficial intermediary step for both buyers and sellers,” Anderson notes. “Technologies like augmented and virtual reality were a lifeline for the real estate industry during strict social distancing regulations.”

Anderson predicts more real estate professionals will adopt technology to digitize sales moving forward. With health and safety now at the forefront, buyers also will likely look to their agents for more information, such as in weighing environmental considerations or even more financial impacts since the pandemic.

Anderson predicts a move from high-density areas of the country to the suburbs and exurbs as consumers prefer more distance among neighbors. She also foresees an increase in second homes, as some find greater comfort in owning a home in a less populated location for domestic vacationing and security.

“COVID-19 won’t stop us from buying and selling homes, but it will change how, where, when, and why we buy,” Anderson writes. “By working with a forward-thinking agent and utilizing the latest technology, you can prepare for an uncertain future and make a smart investment in your long-term health and happiness.”

The growing trend of working remotely could untether Americans from office spaces in pricey areas and prompt them to buy homes elsewhere. Home sales in the suburbs as well as smaller, less expensive cities could see a boost that continues beyond pre-pandemic levels, The Wall Street Journal reports.

Some tech companies, including Facebook, Twitter, and Square, have already announced that they will allow select employees to work remotely full time. They expect half of their workforce to work remotely within five to 10 years. Facebook CEO Mark Zuckerberg says that about 75% of his employees have already expressed an interest in moving to a different city if they could work remotely.

The insurance company Nationwide, based in Columbus, Ohio, has announced a permanent transition to working from home for some of its employees as well as a hybrid work model for others. That hybrid model includes working from smaller brick-and-mortar offices that will remain open.

The increased opportunity to work remotely could make it easier for workers who had been priced out of large coastal cities to move elsewhere to buy a home.

Younger generations have been purchasing homes at lower rates than previous generations. Less than 37% of people under the age of 35 owned homes last year, according to Census Bureau data. In cities like the Bay Area, where home prices are among the highest in the nation, many young adults have been priced out, even those earning high income.

Some of these young adults may be financially ready to launch into homeownership in a more affordable market, housing experts say. For example, the average age of a Facebook employee is 29 years old and their median pay as of 2018 was more than $240,000, according to data from Payscale. “Now could be the time for younger workers to start putting the matchmaking skills of online real estate platforms to the test,” The Wall Street Journal reports.