Mortgage Rates Hit a New Record Low the First Week of 2021
January 7, 2021
A new year, a new record low mortgage rate. Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices. However, the forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.
Source: Primary Mortgage Market Survey
We use this survey for trends, not as a rate quote source.