What the 2020 Election Results Mean for Mortgage Rates?

 

So the 2020 election is over!

And Joe Biden is the new president-elect and these results could let the market reach differently.

As per the Mortgage Bankers Association’s associate vice president of economic and industry, Joel Kan, made a statement that “Markets, over the last few days, have certainly reacted positively and it is going to be a blend of a range of things: the vaccination being one yesterday, and the biggest news that has been lost between vaccination and election over the few days is nothing but the jobs report.

He further added that you could see mortgage rates descend or stagnant even as other rates increase.

What Could Be the Next for Mortgage Rates?

With so many aspects significantly impacting the broader economy, predicting mortgage rate trends could be potentially daunting. According to the vice president of economic and industry, mortgage interest is likely to rise again by 2021.

For this year, Kan predicted that rates are unlikely to stay this low for much longer.

As a matter of fact, current mortgage rates are likely to be affected by COVID-related developments as well and it would be difficult to predict what the possible reason behind it is. 

What Could Be the Next for Borrowers?

There’s no denying the fact that the trend of low mortgage rates should end.

No matter whether you are a homeowner looking to refinance or an individual who is looking to plunge abruptly, you must adhere to the consequences. Experts suggest that the low rate window will end but even they don’t know the end.

 

Kan said that “If you are looking to refinance, then there is no chance that you are ever going to see rates lower than what it is in the present scenario”.

Because you can get a low rate on your mortgage, most people are looking to rush out and buy today. But it’s now largely disappeared because of the rising prices.

He recommends that most renters, these days, are paying a premium on their rent to end their lease so they don’t have to pay a penalty. This would significantly help you to ease the stress on your home-buying decisions.

Final Thoughts

Mortgage rates are likely to remain low for a while, but will gradually begin a climb upward in the next few months.

But it doesn’t mean you’ll end up selecting the wrong rate. There are, however, many aspects involved including shopping, mortgage calculating, and comparing.

And if you don’t have time to engage in these complications, leave everything to PureLoan to do it for you!

PureLoan is a leading online destination that may provide you a low rate and make your home as affordable as much. With a dexterous crew of experienced professionals, we search from loads of underlying mortgage programs so you can choose the best mortgage from over 40 national banks and counting.

To learn more about San Diego mortgage rates, visit https://www.pureloan.com/ & get the best mortgage rate!