Mortgage rates reached a new record low this week to average 2.86%, from 2.93% the prior week. That's the lowest level in the nearly 50 years of the mortgage survey. Given that mortgage rates usually track with the 10-year Treasury note, the spread between them is still above average. Thus, mortgage rates may fall further.
With these ultra-low mortgage rates, the real estate market is recovering faster than expected from the pandemic. Existing and new home sales have already ramped up to pre-pandemic levels.
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.
