Loan rates had remained below 3% for 12 straight weeks as of the end of October, according to mortgage investor Freddie Mac. A look at mortgage rates shows why homebuyers are coming out of the woodwork. Now for the rudimentary math: In January, the median price of an existing house nationally was $268,600, according to NAR. The bottom line: Lower rates have not turned out to be the blessing most people believe them to be. “If there was an oversupply of houses for sale, the impact of lower rates would be much greater,” Fleming told me.