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
In this edition of First-Timer Primer, we review five potential red flags you may enc... read »
Post Brothers purchased the building at 2100 M Street last year.... read »
This 5,000 square-foot listing is about as close as the city comes to a property that... read »
The new residential project would take the place of largely vacant office buildings a... read »
The Redbrick-led development team filed the new images last week.... read »
- Five Red Flags to Look For During Condo Document Review
- A 400-Unit Office-To-Residential Conversion Pitched in DC's West End
- Is This The Closest Thing DC Has To A Soho Loft?
- 48 Apartments, Activated Alley Space And An Ode To Duke Pitched For DC's West End
- New Renderings Show Five-Building Centerpiece of St. Elizabeth's Redevelopment
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