The economic recession spurred by the COVID-19 pandemic has caused interest rates to plummet. Both 15- and 30-year mortgage rates continue to hit record lows. The most recent record was set on November 25th with Freddie Mac reporting 30-year rates at 2.72% and 15-year rates at 2.28%. This has made new mortgages especially attractive to prospective homebuyers and caused housing booms in several US markets.
