WASHINGTON D.C. (CBS) – House prices are rising at the fastest pace in 15 years — along with mortgage rates dropping below 3% for the first time ever.

Housing officials say this is due to the limited supply of homes in nearly every area of the country. In addition, new-home construction has lagged behind demand and homeowners are holding on to their houses longer.

At the same time, the on-going pandemic has led to more homeowners to refinance and stay put instead of moving.