Mortgage Rates May Go Lower in 2020!
Mortgage rates are hovering at near-record lows. But according to Freddie Mac, those rates have the potential to go even lower in the second half of 2020.
In a recent press release, Freddie Mac’s Chief Economist Sam Khater said:
“While mortgage rates remained flat over the last week, there is room for rates to move down. This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”
So what does that mean for you? Securing even a fraction of a percentage lower interest rate on your mortgage can save you tens of thousands of dollars over the course of your loan. And as the country (and the economy) recovers from the coronavirus pandemic, potential Buyers could see mortgage rates drop even lower than they are today—making 2020 a great time to invest and buy a new home.