For the majority of 2020, mortgage rates were historically low. However, right now as the pandemic gets better, this is changing. During 2021, mortgage rates have been rising. In fact, this is something that is likely to continue throughout the year. However, this does not mean that mortgages are about to become unaffordable. Compared to pre-pandemic times, people will still be able to secure good rates. In fact, many people could also potentially save by refinancing their loan before rates get higher.
For most of 2020, Treasury rates were suppressed, which encouraged the historically low mortgage rates, too. However, getting the pandemic under control has caused the economy to start getting back to normal. Economic growth is expected to continue, so mortgage rates will probably continue increasing as well.
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