The holidays are beginning to wind down as we look to the new year. The year 2020 is rumored to be even better than 2019 as far as mortgage rates. Consider this article from Housingwire.com
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%. Consider the annual average in 1981: 16.63%. That’s not the highest mortgage rates ever booked. Looking at weekly averages, the rate hit 18.6% in mid-1980 as the economy struggled with stubborn inflation.
Now is the time to lock in that low, low mortgage rate on a new construction home at Wescott from Patrick Malloy Luxury Collection.