Here’s what mortgage guru Rick Scherer projects for lending in 2021.
For today’s message, we’re joined by special guest Rick Scherer from OnTo Mortgage to talk about the mortgage outlook for 2021 and what we should expect to see in the lending world. In addition to being a good friend of mine and a longtime business partner, Rick is a rockstar in his industry. From his vantage point, he can see how the government is leveraging mortgage interest rates and what’s known as the prime rate of interest to boost the economy while our nation recovers from the blitz of COVID-19; that translates to good news for consumers, at least through the first half of the year. “Until we start to see some solid footing underneath us with the economy, rates will be low.”
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most:
0:45 — Introducing Rick and his background as a mortgage professional
1:43 — What’s the latest projection on the trajectory of interest rates in 2021?
2:32 — The government’s initiative to buy up mortgage-backed securities
3:05 — An important distinction between interest rates and “the prime rate of interest”
4:03 — Why should people buy or refinance now? Rick explains the cost of waiting
6:17 — Wrapping up today’s conversation
I hope you found this discussion helpful; if you have further mortgage-related questions or simply want to pick Rick Scherer’s brain, just give him a call at 617-778-0024. Better yet, you can come to me with any of your real estate questions, comments, or concerns and I’ll be happy to bring in Rick’s expertise to the equation. Together, we can help you make the most of what’s shaping up to be another strong year for the market!