NAR: 6% Could Be New Normal For Mortgage Rates
✉️ Want to forward this article? Click here.
A leading industry professional is weighing in on where he sees mortgage rates settling.
"The long-term average for mortgage rates is about 7%, that's where we are today," Lawrence Yun of the National Association of Realtors told CNBC on Tuesday. "I think the new new normal will be around 6%. The mortgage rate will not go down to 3% or 4% or even 5%."
story continues below
loading...story continues above
Long-term interest rates have been on a steady rise over the last two and a half years. At the beginning of 2022, rates averaged 3.2%, before increasing steadily throughout the year to a high of 6.9% in November. Rates eclipsed 7.2% last summer before settling back in the mid-6% range for most of this year.
See other articles related to: interest rates, mortgae rates
This article originally published at https://dc.urbanturf.com/articles/blog/nar_6_could_be_new_normal_for_mortgage_rates/22493.
Most Popular... This Week • Last 30 Days • Ever
![Buying with Friends: What You Should Know](https://assets.urbanturf.com/dc/images/blog/2010/05/home_value.jpg)
Here are some precautions to take before buying real estate with a buddy.... read »
![$10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/VAFX2180246_45_0_image_560x420.jpg)
The six-bedroom home listed for just south of $10 million back in June went under con... read »
![The DC-Area Zip Codes Where Home Prices Have Appreciated The Most in 2024](https://assets.urbanturf.com/dc/images/blog/2024/08/resized/20012-sold_image_560x420.jpg)
Ballston, Takoma DC and McLean zip codes made the list.... read »
![500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/parcel-6-park_image_560x420.jpg)
The plans for one of the final parcels at DC's St. Elizabeth's East campus are beginn... read »
![Pending Home Sales Drop 5.5% in July](https://assets.urbanturf.com/dc/images/blog/2024/08/resized/foreclosure_drop_image_560x420.jpg)
Pending home sales fell in July as high home prices and borrowing costs hampered dema... read »
- Buying with Friends: What You Should Know
- $10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer
- The DC-Area Zip Codes Where Home Prices Have Appreciated The Most in 2024
- 500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths
- Pending Home Sales Drop 5.5% in July
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro