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.
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