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Is there a mortgage rate free-fall coming? This is a question on many homeowners’ minds due to the current state of the economy and recent events. The coronavirus pandemic has upended traditional market conditions, and people are wondering if the low mortgage rates that have been the norm since the Great Recession will soon be a thing of the past.
The good news is that there are indications that the Federal Reserve is likely to take further steps to stimulate the economy, and that could mean lower mortgage rates in the near future. Already, the Fed has cut interest rates twice since the beginning of the coronavirus crisis, which has allowed mortgage loan interest rates to remain as low as possible. The Fed is also expected to announce additional measures, such as buying more bonds from banks and other financial institutions, which could potentially drive interest rates even lower.
It is important to note, however, that the mortgage rate free-fall is not guaranteed. Low mortgage rates are subject to economic conditions, and if the economy does not improve quickly, then rates may stay the same or even increase. Furthermore, mortgage lenders may also decide to raise their rates, regardless of the Fed’s actions.
The bottom line is that there is no clear answer as to whether or not there will be a mortgage rate free-fall in the future. However, with the Fed taking further steps to stimulate the economy and historically low mortgage rates, now may be the best time to consider a refinance or take out a home loan.