Due to the coronavirus pandemic, mortgage rates for 2020 have been historically low, around the mid to high 2% range according to an article from The Mortgage Reports. The New Year could bring about change. With the news of an effective coronavirus vaccine and Biden’s presidential election win, American society will begin to get back to normal, and so will the spending habits of consumers.
While this is very good news, it’s not so great for mortgage rates. The six main housing authorities are predicting as we get into 2021, rates will go back up to pre-pandemic rates around 3% or higher. Of course, this will all depend on how well the economy recovers once Biden takes office and the schedule for vaccine distribution is determined. Consumers may want to take advantage of the current rates while they remain low. The Loan Lead Generator can help your credit union bring in end-of-the-year mortgage leads! Click here to learn more and schedule a demo!