During this unprecedented year, the government has lowered interest rates to boost the economy. Community National Bank President Alex Hardin anticipates the low interest rates to remain in 2021 and these rates are great incentives for borrowers:
“The interest rate environment is the lowest we have seen in quite some time. It’s a great environment for borrowers. I think it is a great opportunity for borrowers who are looking to refinance into lower rates. There is a glut of savings out there right now, and I believe that the government wants to spark the economy. It has been said by the FOMC that they intend to keep short term interest rates low until 2023,” Hardin explains.
Hardin also stated that the low interest rates have boosted the real estate and construction industries.
