NAR: 6% Could Be New Normal For Mortgage Rates
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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%."
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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.
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