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.
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.