This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: Do you expect interest rates to remain low in 2020?
Answer: Mortgage rates increased sharply in 2018, peaking at 7+ year highs in the fall of 2018, and most experts expected that trend to continue into 2019 and for 30 yr rates to clear the 5% mark for the first time since spring 2010. However, changes in economic policy and financial markets pushed rates down at the end of 2018 and throughout 2019, coming close to all-time lows in the 2nd half of 2019.
Average 30 yr Fixed Mortgage Rate Since 1971
Average 30 yr Fixed Mortgage Rate Since 2010
Rates in 2020+
The Mortgage Bankers Association and Freddie Mac each predict that rates will remain low, right around current levels, through 2021 with an average 30 yr Fixed Rate hovering around 3.7-3.8% through that period. The Mortgage Bankers Association predicts that rates won’t start increasing until 2022, when they’re predicting the average rate to increase modestly to 4.1%.
If these projections are accurate, it should support strong price growth over the next few years in Arlington, Northern Virginia and the greater D.C. area.
However, keep in mind that just over 12 months ago, most experts predicted that mortgage rates would be over 5% by 2020 and, according to Freddie Mac, the average 30 yr Fixed Rate last week was 3.64%. Changes in the global or U.S. economy, the election, and the stock market can all change the course of rates in 2020 and beyond.
If you’re considering purchasing in 2020, I wrote a column a few years ago about the value of a good lender that I’d encourage you to review. If you’d like to talk to somebody, I suggest reaching out to Jake Ryon of First Home Mortgage at [email protected].
If you’d like to meet to discuss buying or selling in the area, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local real estate, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington D.C., and Maryland with RLAH Real Estate, 4040 N. Fairfax Dr. #10C Arlington, VA 22203, (703) 390-9460.
Good Friday evening, Arlington. Today we published 6 articles that were read a total of 14680 times… so far. 📈 Top stories The following are the most-read articles for today…
Police issued a traffic ticket every six minutes, on average, during an enforcement effort in front of Nottingham Elementary on Thursday afternoon.
Police swarmed the Rosslyn neighborhood after an alleged thief led an officer on a brief foot pursuit.
It’s holiday time and the lights are coming on in Arlington. Over the next several weeks, a slew of tree lightings, Santa visits, markets, and holiday celebrations are happening around…
Hello Everyone -You are invited to the final meeting of NAACP Arlington Branch NAACP for 2022When: Dec 12, 2022, 07:00 PM Eastern Time (US and Canada) Topic: 2022 General Membership Meeting – NAACP Arlington BranchRegister in advance for this webinar:https://us06web.zoom.us/webinar/register/WN_xGl7wD59R8Cu94elw4bAqQAfter registering, you will receive a confirmation email containing information about joining the webinar.7:00 pm Meeting Opens7:30 pm Installation 8:00 pm Presentation/Q&A; by Dave Schutz on Ranked Choice Voting 8:30 pm Final Remarks and Comments by Newly Elected Members9:00 pm Meeting Adjourns Installation Official Robert N. Barnette, Jr. President, Virginia State Conference NAACP The President of the Virginia State Conference NAACP will serve as the Installation Official and provide remarks for our newly elected officers at the general membership. NAACP Arlington Branch Election Results President- Elect: Michael Hemminger 1st Vice President-Elect: James Younger 2nd Vice President-Elect: Bryan Coleman 3rd Vice President-Elect: Lorelle Langhorne Secretary-Elect: Wanda Younger Assistant Secretary-Elect: Kathleen McSweeney Treasurer-Elect: Adriana Spain Assistant Treasurer-Elect: Kenya Pennington Executive Committee-Elect: Nadia Conyers, Kellen MacBeth, Karen Nightengale Their terms officially begin January 1, 2023. 3rd Monday of the month meeting date changed due to the festival observance of Hanukkah
Join us December 10 & 11 for our Annual Handmade Holiday Workshop Series. We have a myriad of fun and festive programs from linoleum block wrapping paper printing and buttonhole book making workshops led by Eliza Clifford to a meditative grid workshop and Calligraphy Card Making with Anjelika Deogirikar. Join these wonderful artists and get creative this holiday season!
Join us as we celebrate the holiday of Chanukah! Enjoy delicious Latkes, hot cocoa, donuts and more!
Clarendon Menorah Lighting and Community Celebration
Experience the festival of lights!!
*Lighting of a giant 9 foot Menorah