Behold, the days come, saith the LORD, that I will make a new covenant with the house of Israel, and with the house of Judah:
The days come ... that I will make a new covenant with ... Israel ... Judah. The new covenant is made with literal Israel and Judah, not with the spiritual Israel, i:e., believers, except secondarily, and as grafted on the stock of Israel (Romans 11:16-27). For the whole subject of Jeremiah 30:1-24; Jeremiah 31:1-40 is the restoration of the Hebrews (Jeremiah 30:4; Jeremiah 30:7; Jeremiah 30:10; Jeremiah 30:18; Jeremiah 31:7; Jeremiah 31:10-11; Jeremiah 31:23-24; Jeremiah 31:27; Jeremiah 31:36). With the "remnant according to the election of grace" in Israel the new covenant has already taken effect. But with regard to the whole nation, its realization is reserved for the last days, to which Paul refers this prophecy in an abridged form (Romans 11:27).