Although mortgage rates are volatile amid coronavirus concerns, rates are relatively low right now and are expected to stay low through at least the end of 2020.
If you're buying your "forever home," you might consider choosing a fixed-rate mortgage to lock in a low rate.
However, home loan rates aren't staying low like rates for other types of loans are.
Mortgage rates are affected by factors other than the federal funds rate, such as consumer demand and the 10-year Treasury yield.
"I recommend a fixed rate mortgage because it provides stability in your monthly payments," says de Jong.
Persons:
—, Andy Taylor, Taylor, Beatrice de Jong, you've, de Jong
Organizations:
Service, Federal