The global pandemic has changed the world we see. It has changed the business scenario, especially the mortgage industry. It broke records in the pandemic year. In the same year, there were actions by Federal Reserve which brought interest rates to record-low levels. It was a year where people worked from home, which is continued. As a result, people spent more time at home upgrading their space. This is also increased the mortgage demand. This shift in consumer behavior has made people wondering what’s there in the store in 2021 for the mortgage industry.
- Mortgage Rates will rise in 2021
In March 2020, amid nationwide lockdown, the Federal Reserve dropped the Federal Funds rate to the lowest. With the intervention of the Fed, mortgage rates hit the lowest in 50 years, according to Freddie Mac. According to Freddie Mac, the 30-year fixed mortgage will see a slight rise, and rates are expected to be around 2.9% in 2021
