Mortgage rates inched up this week to average 2.93% from 2.91% the prior week. However, mortgage rates remain near record lows below 3%. With these ultra-low mortgage rates, existing and new home sales ramped up to pre-pandemic levels.
Compared to the beginning of the year, rates dropped nearly 80 basis points. This translates to a decrease in monthly payments of $120 for the typical American.Nadia Evangelou
Nadia Evangelou is Senior Economist & Director of Real Estate Research for the National Association of REALTORS®.
Advertisement