CoreLogic released its three-year housing and mortgage outlook report and the data company predicts 2021 will maintain its unprecedented home sales and record low mortgage rates as the economy continues to recover.
“We may actually see mortgage rates below 3%, perhaps for the entire year of 2021,” CoreLogic chief economist Frank Nothaft said. “And I wouldn’t be surprised if this low rate environment continues even beyond 2021, not necessarily at 2.7% or 2.8% once we get out to 2022, but we are expecting mortgage rates over the next three years to be far less than they’ve been in the last decade.”
“There are a little over 20 million home mortgages outstanding, with a contract interest rate of 4% or higher still in the United States,” he said. “That’s a lot of mortgages. Especially when contract interest rates for refis are below 3%. Obviously, some of those borrowers have had financial hardship and challenges, which will make it difficult for them to come in and refinance. So, we’re not expecting 20 million loans to come in, but they’ll still be out there and many of them will be coming into refinance in 2021.”
Read the full article at housingwire.com
If you’re considering a refi or a move in 2021, let’s chat! Email me at Carolyn@5280coloradohomes.net