Mortgage rates are hovering near record lows, and that's good news for today's homebuyers. The graph below shows mortgage rates dating back to 2016 and where today falls by comparison.
As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time.
Mortgage rates are generally the same across the country, so a decline in mortgage rates boosts affordability equally in each market.
We expect mortgage rates to fluctuate near historic lows through the summer before beginning to climb this fall.