By: Matt Carson
Unless you’ve been living under a (very large) rock or voyaging in deep space, you’re probably aware that there’s been a dramatic shift in mortgage rates over the past couple years—and that shift has been downward. And as rates have fallen, they’ve provided a fortuitous financial boost to millions of Americans seeking homeownership.
For a variety of reasons—not the least of which being the Fed’s ongoing purchase of Treasury bonds to stabilize markets after the seismic disruptions brought on by COVID-19—mortgage rates retreated to levels not seen in a generation. In fact, in early 2021 rates for 30-year mortgages dipped to an incredible 2.65%—the lowest rates recorded since at least 1971. The result was predictable: A frenzy in the housing market and a lot of buyers angling for a new home.
