Mortgage Update – November 2020

So far, 2020 has been a year of unpredictability, a trend that is very likely to continue as we head toward the end of the year. While it’s expected that short-term interest rates will remain low for quite some time, mortgage rates could be more volatile, due, in part, to the following factors.

Presidential Election

The presidential election will likely cause some temporary uneasiness. This election, more than any other in recent memory, has the potential to move rates, and it’s hard to know just how markets will react. Will there be a clear winner on November 3rd? 4th? 5th? Just how long will it take to determine who the next occupant of the Oval Office will be? The markets could also move once all the votes have been tallied, depending on who comes out ahead.


As it has for most of 2020, COVID will continue to impact mortgage rates. How long before we have a vaccine? How quickly or slowly will the economy recover from the shutdowns, or partial shutdowns?


Something we didn’t hear much about earlier this year, but the one thing that could move rates upward, is inflation. So far, inflation has been held in check, but if it starts to creep up, we will see mortgage rates follow suit.

While it would be great to have a crystal ball that can forecast what the future holds, we do know that mortgage rates are lower than anyone predicted last year. I am beyond grateful to have been able to help so many homebuyers afford a new home in 2020. In some cases, they had not planned on buying this year, but the low rates helped it become a reality sooner. Don’t let uncertainty hold you back. 

Cindy Mack
AVP - Mortgage Loan Officer
NMLS# 500031

Apply now at

State Bank of Cross Plains
2418 Crossroads Dr, Suite 2700 | Madison, WI  53718

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