One of the few silver linings for real estate in the middle of the coronavirus pandemic has been record-low mortgage interest rates. Housing experts predict those ultralow rates will likely fall even further—venturing into the unprecedented 2% range.
That could give the current housing market—with some uncertainty about COVID-19, a much needed boost. Lower rates equate to lower monthly housing mortgage payments, meaning many buyers will suddenly be able to afford homes with higher price tags.
“We expect mortgage rates to stay low and possibly slip lower,” says realtor.com Chief Economist Danielle Hale. “We’ll flirt with the 3% threshold for a while before we go below it.”
Lora Luna Real Estate