February ‘21 Mid-Town Direct Market Update
With mortgage interest rates hitting record lows so often, some are wondering if we’ll see low rates continue through 2021 or if they’ll start to rise. Recently, Freddie Mac released their quarterly forecast, noting:
“The average 30-year fixed-rate mortgage hit a record low over a dozen times in 2020 and the low interest rate environment is projected to continue through this year. We expect interest rates to average below 3% through the end of 2021. While this is a modest rise from 2020 averages, the recent vote by the Federal Reserve to keep interest rates anchored near zero should keep rates low.”
What does this mean for buyers?
Low mortgage rates are creating an outstanding opportunity for current homebuyers to get more for their money while staying within their budget. As the economy gets stronger and we recover from the challenges of 2020, it’s natural for rates to potentially rise in response to a healthier economy.
With low rates fueling activity among hopeful buyers, there are a lot of people who are highly motivated and looking for homes to purchase right now.
In this environment, should you be considering making a move and would like to know what your home is worth in today’s market, we would be more than happy to provide a complimentary and confidential home evaluation.
Check out the local market updates for February 2021 below!
Best Wishes,
The Price Group
