Liked 2019’s mortgage rates? 2020 will be lower

The year that’s passing was marked by the Fed’s refusal to bend to the president’s will

The year that’s winding down will be remembered, in the real estate world, for its mortgage rates that persistently and unexpectedly declined.

While rates aren’t going to plunge another percentage point – November’s average rate for a 30-year fixed mortgage was 3.7%, compared with 4.87% in the year-ago month, according to Freddie Mac data – they’re going to set some new lows, Fannie Mae said in a forecast.

The average fixed rate probably will be 3.6% in 2020, which would be the lowest annual average ever recorded in Freddie Mac records going back to 1973. It compares with 3.9% in 2019 and 4.5% in 2018, according to Fannie Mae. The current record was set in 2016 when the annual average fell to 3.65%.

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    Picture: Pixabay
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