Your Money Minute Mortgage Rates Aren't Actually High 2/17/26
Feb 17, 2026
David Kelly, Chief Global Strategist at J.P. Morgan, brings quick macro and market perspective. He dives into why 6% mortgages feel high after a decade of low rates. He explains what it would take to push long-term rates lower and puts current rates in historical context with Freddie Mac data.
AI Snips
Chapters
Transcript
Episode notes
Current Rates Are Historically Low
- Mortgage rates today in the low sixes are historically low compared with the long-term average since 1971.
- David Kelly explains a decade of abnormally low rates pushed home prices above what normal rates can reasonably support.
Low Rates Fueled A Price Surge
- A prolonged stretch of very low mortgage rates made housing effectively more expensive by inflating prices.
- Many buyers anchor to the 2–4% mortgages from that period and may expect rates to return to those levels.
Don't Bank On Ultra-Low Rates Returning
- Don't expect ultra-low 2–4% mortgages to necessarily return; they were abnormal.
- Recognize that wanting those rates back could require crushing inflation and the economy, which is undesirable.