Mortgage Rates Hover Near Record Low in Pandemic Solace
Off the Charts: Trendline Says It All
Historically low mortgage interest rates have helped to keep the housing market flying high during the pandemic. The chart below shows just how good mortgage rates are for homebuyers these days compared to the mid-1980s, or even just a few years ago. The average rate on a 30-year fixed mortgage stayed put at 2.73% this week, hovering just above the record low of 2.65% hit earlier this year.
“Unlike the last housing downturn, people have more equity in their homes, which they can leverage along with low interest rates to really increase their buying power,” Eddie Wilder, president and CEO of ERA Wilder Realty in Columbia, South Carolina, said in a new oral history of the impact of COVID-19 on the real estate industry.