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REAL mortgage rates, defined as the Freddie Mac 30-year rate LESS alternative measures of inflation, vary from -1.189% (based on today’s PCE Deflator YoY) to -13.815% (based on the largest asset in a household’s portfolio, the house, that is the Case-Shiller National home price index YoY).
Then we have the REAL mortgage rate based on the Dallas Fed’s Trimmed Mean 1-year PCE at 1.07%.
Anyway you want it. But it makes sense to use inflation felt by households in terms of housing rather than the repressed inflation measures that are used by The Federal Reserve.