“new covenant.” The New Covenant is spoken of here, and in a number of other places in the Old Testament, often using different names. For example, in Jeremiah 32:40 it is called an “everlasting covenant.” In Isaiah 54:10 and Ezekiel 34:25 and 37:26 it is called a “covenant of peace.”
The New Covenant, which was future to Jeremiah, has now been ratified with Christ’s blood and death on the cross. However, covenant promises, such as the one in Jeremiah 32:39 (cp. Ezek. 11:19) about the people having one heart and one way of life, will not be fully realized until the Millennial Kingdom and First Resurrection, when Christ rules as king over the earth and the righteous believers are raised from the dead in their new everlasting bodies.
It is common with covenants that there is a period of time—sometimes a long time—between when a covenant is ratified and when the covenant promises are fulfilled. For example, God made a blood covenant with Abraham and promised that Abraham and his offspring would get the Promised Land. It has now been 4,000 years and that covenant promise has not been fulfilled, but it will be. Part of the reason that believers of all time have a secure hope for the future is that God is a God who keeps promises.
[For more on the New Covenant, see commentary on Jeremiah 32:39. For more on Christ’s reigning as king on earth, see Appendix 3, “Christ’s Future Kingdom on Earth.” For more on the Rapture and resurrections, see commentary on Acts 24:15].