(MO.Properties) Mortgage rates have dropped again according to BankRate.com. While rates are low, many consumers are asking if they will go lower.
That question has many different answers. Truthfully, nobody knows what the fed and new administration will do to help protect and/or revive our economy. It is our “opinion” that rates will remain at these low levels or possibly go lower depending on the virus’s future. However, BankRate suggest that rates will increase slightly due to the vaccine, but we have concerns regarding that advice for the following reasons.
It does not appear that this pandemic will end any time soon. New strains appearing almost daily, and lockdowns worldwide are increasing as the virus continues to spread and mutate itself.
Rates will more than likely remain low to help stimulate what economic activity can occur. Supply will likely remain low due to consumer fear of change during the pandemic. Additionally, foreclosures will remain low during this increasing unemployment to avoid another economic challenge experienced in 2008 by federal regulations.
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