Mortgage rates have remained at or below 3% for nine consecutive weeks. “Many home buyers can benefit from these low rates while home prices are reaching record highs,” Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, says at the association’s Economists’ Outlook blog.
Mortgage rates can make a big difference to what home buyers can afford. The following chart from NAR shows how much the monthly payment changes when rates rise by just 0.3%, 0.5%, and 1%.
©National Association of REALTORS®
