Decentralized mortgage lender Bacon Protocol has minted its first seven mortgages as nonfungible tokens, or NFTs, offering investors and borrowers new options for accessing the residential mortgage market.
The interest rate for each NFT mortgage ranges from 1.5% to 3.1% on properties in four U.S. states, the company disclosed Wednesday. That’s the interest rate borrowers pay after minting their mortgage through Bacon Protocol. By comparison, the average mortgage rate in the United States ranged from 2.27% to 2.98% for the week ending Nov. 10, according to Freddie Mac. The 30-year fixed-rate mortgage peaked at 3.14% on Oct. 28.
Mortgage rates in the United States have ticked up recently but remain well below the historic average. Source: Freddie Mac
Bacon’s decentralized mortgage platform, which launched in September, gives homeowners