Decade Determination
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2020 not only brings a new year, but a new decade. There's of course no way to know exactly what the next decade will bring, but real estate experts have made their predictions for what the housing market could look like in this next year - Mortgage Median Mortgage rates are expected to stay at their low rate for most of 2020, according to Forbes and data from Freddie Mac. Current rates are at 3.75% and are expected to remain between 3.7% and 3.9%. Realtor.com's 2020 Housing Report supports this, predicting that the year will end with rates at 3.88%. Ben Lane with HousingWire says this rate will make 2020 a popular year for refinancing. In 2019, reports showed that it was the best year for refis since 2016, and Freddie Mac experts are predicting $834 billion in refinance originations in 2020. The low rates will benefit home buyers as well, with Freddie Mac predicting $1.299 trillion in purchase originations to start the new decade. Sean Hundtofte, with chief econom