Now that it is a new year, it is time once again to consider what the future holds for mortgage interest rates in 2020. Looking back over the past 12 months, it was another great year for anyone wanting to buy a home or refinance, at least with regard to interest rates.
Sure, home prices aren’t as low as they were, nor have they been for a long time. But financing remains dirt cheap, which is a big help for anyone struggling with affordability.
In 2019, interest rates once again defied expectations and sank back near all-time lows. Most 2020 mortgage interest rate predictions from the industry experts seem to be leaning towards rates remaining flat for the most part. However, there will surely be opportunities during the year. Keep an eye out for favorable swings as hot-button issues like the U.S. presidential election, impeachment, trade wars, Brexit, and other geopolitical events take hold.
If things go haywire - which wouldn’t be a surprise given the above list - mortgage rates may dip closer to all-time lows again, or even break new records. On the other hand, rates could also rise rapidly. No one knows for sure, so it pays to watch carefully for trends.
For more information on mortgage interest rates and financing, contact Steve at Nation’s Lending, 520-612-0479, or stop in at 210 W. Continental Road, Suite 116A, Green Valley AZ 85622.
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