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The Lowest Rates Possible | Mortgage Rate Forecast

Compare Lowest Home Mortgage Rates

How Much Could You Save By Shaving 5 to 22 points off Your Mortgage?

Despite the Fed’s negative rate environment, mortgage rates are on the rise. Do banks want more, or is the risk and default losses a legitimate reason for raising rates?

Rates are at an all time low, so if you qualify, this may be the right time to switch your mortgage or to refinance for 30 years ahead. See the 3 month and 6 month forecast for the housing market. Also, see 3, 5 and 7 year ARM rates along with 15 and 30 year fixed rates below.

MBA’s Economic Forecast:

“Our baseline forecast is for a V-shaped recovery: we expect a sharp drop in growth in Q2 2020, with a recovery late in 2020 and into 2021.  There remains the possibility of a U-shaped recovery as well, with things staying worse for longer as the ripple effects from business closings, restricted in-person activity, and job losses linger, before a steep bounce back beginning later in 2021.” – Mike Fratantoni, Chief Economist, MBA

The forecast for mortgage rates over the next year is upward. But in the past year, rates have fallen. Will mortgage rates fall? Now is the time to refinance if possible.

Arefind shopping for a Lower Mortgage Rate might be a fun way to save money.  Shaving 5 to 22 points off combined with better terms leaves you more to spend in your happy place.

Home loans are expensive, with interest and fees, and you need to save money anyway you can. This is where you start, by searching and shopping for the lowest mortgages rates available.

Mortgage Rate Trend. Timeline courtesy of Freddie Mac.

Mortgage Rate Forecast 2020

Mortgage Rate Forecast – Screenshot courtesy of Freddie Mac.

Saving Money Means Shopping Around for Better Rates

Image courtesy of Brooklin Mortgages.com

Save your money by checking out several mortgage rate quotes from as many brokers as possible. More people are shopping for mortgages and refinancing this year.

The mortgage rate quote, auto insurance quote, refinancing rate etc. you currently receive is likely not all that competitive. It’s a good time to refinance or shop around for an entirely new mortgage solution.

Check out the Latest Low Mortgage Rates

Mortgage Rates USA

Bankrate Mortgage Rates, as of May 16
Rate Best Rate
5 Year ARM 3.31
7 Year ARM 3.39
15 Years 3.0
30 Year Fixed 3.67
10 Year ARM 3.59
 

Lowest Rate Mortgages from NerdWallet

1 Year 3.83%

3/1 ARM

3.92%
5 Years ARM 3.000%
7 Years ARM 2.563%
15 Year fixed 2.705%
30 Year fixed 3.248

——-

Mortgage Rates Canada

Rate Hub Broker Mortgage Rates as of May 16
Term Length Fixed Rate Best Rate
1 Year 2.69
2 Years 2.69%
3 Years 2.39%
4 Years 2.69
5 Years 2.24%
7 Years 3.24%
10 Years 3.24%
Bank Mortgage Rates in Canada
1 Year 2.89%
2 Years 2.54%
3 Years 2.74%
4 Years 2.74%
5 Years 2.69%
10 Years 3.64%

Do it for Your Spouse and Family: Savings Are Smart

And sure, you’re not always looking for rock bottom rates, but you likely are paying premium rates for low quality mortgage loans.

Make Finding lower mortgage rates a priority right now, and you’ll save a lot of money. Consider how much savings translates to a 5, 10, or 20 year mortgage and it’s tens of thousands of dollars.

Saving Money on Your Mortgage – Is Money in Your Bank Account

With the money you save, you can buy a new electric vehicle, or take a vacation to Costa Rica or the Canadian Rockies.  You can turn your mortgage rate search into a real adventure.

That money is yours. You worked hard for it. Count how many hours and days you will have to work for the next 30 years to buy a home in 2020. See what I mean? People are penny smart and dollar stupid. It’s part of our culture.

Financially wise people on the other don’t get duped when they shop for a mortgage or their auto insurance. It’s your money, get full value for it.

You’d better shop around. According to a report from Consumer Finance.gov, 77% of consumers apply to only one lender when seeking a mortgage.

You can Save a lot of Money just by Shopping for a Better Mortgage Rate

There are some particularly important tactics you can use to lower your mortgage payments. Here’s 10 good ones:

  1. search on Google – the top ranking websites are there because people like them
  2. get quotes directly from bank websites – compare them
  3. clean up your credit score – make extra big payments for many months to show your intent to pay down your debt. Bank credit score rating expectations are ludicrous, created only to justify charging high mortgage rates
  4. don’t leave your current job until you’ve landed that long term mortgage successfully
  5. check out the mortgage rate quote tools below
  6. use a mortgage rate calculator and crunch some numbers yourself – at least it’ll be harder for lenders to pull the wool over your eyes
  7. talk to your current provider and ask for a much lower rate – tell them you’re unhappy and intend to get a cheaper mortgage
  8. take a shorter term home loan, let’s say 3 to 5 years – it’s risky however it can you a cheaper rate
  9. take the bank’s teaser rate on a short term then shop for a better one when that expires
  10. check out a mortgage broker, many of whom advertise online. They’re eager to compete and they’ll do more to offer that lower rate and better terms

All you need to do is search for a lower mortgage rate. The offers are plastered all over Facebook, Google, Bing, news websites and even a blog like this one. How easy can it get!

Forecast is for Higher Mortgage Rates 

The forecast mortgage rates for 30 year fixed rates have dropped, perhaps as low as they’ll go.  This is the perfect to lock into a long term fixed rate and breathe easier no matter which way the economy goes.

This forecast shows mortgage rates might go down so you an bargain effectively with this outlook. Have a look at these 30 year fixed rates at different banks. Shop around and save your money.

Mortgage Loan Options – Which the Best Mortgages?

While the lowest mortgage interest rate is one of the primary criteria home buyers take into account, there are other financial and real life issues you need to prepare for. Ensure you check out these popular and vital mortgage loan benefits.

  1. fixed or variable rates
  2. open mortgages
  3. long term loans
  4. amortization periods
  5. payment schedules
  6. skip a payment

Free Mortgage Calculator

Mortgage rates from Lending Tree. Lending Tree’s mortage rate inquiry process is a bit nasty. I include it just to let you know that not all online mortgage lenders are high quality and they may not see inquirers as human beings.. They will ask endless irrelevant (to you) questions that don’t relate to a simple mortgage rate request (just give us the rate) and some of them you may not like at all.

Mortgage Calculator

Should You Use a HELOC to Lower Your Debt Payments?

Should I use HELOC Calculator by MortgageLoan.com

 

It might be tough to sell your home in its current condition so you’ll need to research with the help of your real estate agent, which types of home improvements make the best sense. Your home will sell quick whether you’re in Los Angeles, San Francisco, Seattle, Phoenix, Denver, Dallas, Boston, Miami, Vancouver, Toronto or New York.

Bookmark this page and return for further forecasts, predictions and market data for most major US cities including  Los Angeles, New York City, San Diego, San Francisco, Houston, Miami, Dallas, Phoenix, Denver, Seattle, Chicago, Boston, Tampa, Charlotte, Orlando, Anaheim, Beverly Hills, Malibu, San Jose, Fresno, Santa Clara, Mountainview, Palo Alto, Portland, PhiladelphiaSacramento, Washington, Atlanta, Myrtle Beach, Kansas City, St Louis, Minneapolis, St Paul, Madison, Sioux City, Rapid City, Fargo, Green Bay, Rockford, Oklahoma City, New Orleans, Austin, San Antonio, Oceanside Carlsbad,  Riverside,Las Vegas, Colorado Springs, Reno, and Charleston. For data on Canadian real estate, see the Toronto housing report, and  Vancouver housing report.

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