Among speculation centered on long-term worries about the effects of COVID-19 shutdowns on the future of the United States economy, the Federal Reserve has committed to keeping interest rates low to encourage borrowing and stimulate the economy. Compared to last year (2019), mortgage rates are already remarkably lower, reaching below 3.3% for a conventional 30-year fixed mortgage. What does this mean for the mortgage industry and how can the average borrower actually benefit off of these record low mortgage rates?
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