with the The Mortgage Reports

and today we're gonna review the mortgage rate forecast

for January of 2020.

2019 was a fantastic year for mortgage rates.

Rates averaged just 3.94%.

Dropping rates helped many homeowners refinance

into lower payments this year.

It's estimated that over six million people purchased homes

in 2019 thanks to these low rates.

According to six major housing authorities,

rates will average just 3.7% in 2020,

a lower average than what we saw in 2019.

The economy is strong,

which is giving consumers confidence to apply

and buy for the first time.

Despite predictions of low rates this year,

you shouldn't wait too long.

After all, you don't lock in an average rate.

You lock in on a certain day and even hour.

You get whatever rates are at that time.

For instance, rates could be 3.5%

during the first six months of 2020, and four the last half.

You want to take advantage of them

while they're low when they are low.

So at the end of the day, don't put too much confidence

into the average rates

or what we're even saying on this video.

Lock in the rates while they are low,

and in January 2020 we expect rates to be in the 3.7 range

for well-qualified applicants, which is very low.

So as we head into 2020, you might want to think about

locking in a low rate while you can.

Anything can happen, and you want to be on the winning side

of low rates to save you the most amount of money.

Thanks so much for watching, guys.

For more on this topic, for more about the interest rates

visit us online at TheMortgageReports.com.

Thanks so much for watching.

We'll see you on the next one.

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