- Home Depot’s chief financial officer said people are “moving on” from today’s high mortgage rates and have started investing more in their homes. The home improvement company reported strong fourth-quarter results, although CEO Ted Decker said consumers are still reluctant to make larger investments like a kitchen remodel. Experts say people may start to view today’s mortgage rates as normal, especially when compared to historic rates.
During the pandemic, buying a home became accessible for many Americans thanks to low mortgage rates in the 2% range. But by 2022, mortgage rates peaked at more than 7%, holding relatively steady throughout 2023 and 2024. Today, rates are still hovering around 6%, and one home improvement executive says Americans will start to adjust to this as the new normal.
