All the experts have weighed in with their predictions for 2020. Here is a quick summary of the consensus.
MORTGAGE INTEREST RATES will remain low and fairly flat with daily and weekly ups and downs according to the market.
The 30-year fixed rate for people with excellent credit (740+ score) is slated to be about 4%, but if you go to a mortgage broker instead of a direct lender, you may be able to get 3.75%. This is because brokers shop wholesale for you, which is a big advantage over direct lenders’ retail rates. APR (annual percentage rate that factors in certain costs) would be about 3.85% or 4.125%. APR will vary according to fees and interpretation of the APR law.
HOME REAL ESTATE VALUES will increase moderately, partly because the low interest rates makes for more affordability. In many areas, there is an increased population of home buyers, which also drives up prices.
Spring is the most popular time to buy and sell real estate, so if you purchase a home now in winter, chances are that you will pay less than if you wait a few months.
BOTTOM LINE FOR YOU is that now is an excellent time to become a home owner. Or, if you already own a home, it’s an excellent time to move into one that is more suitable to your needs. You can get great loan pricing and increase your wealth through real estate.
Have a wonderful and prosperous 2020. Happy New Year!