Is COVID-19 Impacting Mortgage Rates?
With all the uncertainty COVID-19 brings, it does seem to at least be positively impacting the real estate market.
Average daily rates have dropped to a new low of 3.09% as of May 15th – and real estate professionals believe they’ll dip even lower. Realtor.com’s Chief Economist, Danielle Hale, explains, “We expect mortgage rates to stay low and possibly slip lower. We’ll flirt with the 3% threshold for a while before we go below it.”
Similar to Fannie Mae’s May forecast – Hale also believes rates will fall to 2.9% by the end of 2020.
This all depends, however, on how COVID-19 continues to impact the economy.
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