Historical Mortgage Rate Chart
Average Mortgage Rates by Year
Yearly averages for 30-year and 15-year fixed mortgage rates based on Freddie Mac PMMS weekly survey data.
| Year | 30-Year Avg | 15-Year Avg | High | Low | YoY Change |
|---|---|---|---|---|---|
| 2026 | 6.08% | 5.45% | 6.22% | 5.98% | -0.52% |
| 2025 | 6.6% | 5.78% | 7.04% | 6.15% | -0.12% |
| 2024 | 6.72% | 5.96% | 7.22% | 6.08% | -0.09% |
| 2023 | 6.81% | 6.11% | 7.79% | 6.09% | +1.47% |
| 2022 | 5.34% | 4.58% | 7.08% | 3.22% | +2.38% |
| 2021 | 2.96% | 2.27% | 3.18% | 2.65% | -0.15% |
| 2020 | 3.11% | 2.6% | 3.72% | 2.66% | -0.83% |
| 2019 | 3.94% | 3.39% | 4.51% | 3.49% | -0.60% |
| 2018 | 4.54% | 4% | 4.94% | 3.95% | +0.55% |
| 2017 | 3.99% | 3.27% | 4.3% | 3.78% | +0.34% |
| 2016 | 3.65% | 2.93% | 4.32% | 3.41% | -0.20% |
| 2015 | 3.85% | 3.09% | 4.09% | 3.59% | -0.32% |
| 2014 | 4.17% | 3.29% | 4.53% | 3.8% | +0.19% |
| 2013 | 3.98% | 3.1% | 4.58% | 3.34% | +0.32% |
| 2012 | 3.66% | 2.93% | 4.08% | 3.31% | -0.79% |
| 2011 | 4.45% | 3.68% | 5.05% | 3.91% | -0.24% |
| 2010 | 4.69% | 4.1% | 5.21% | 4.17% | -0.35% |
| 2009 | 5.04% | 4.57% | 5.59% | 4.71% | -0.99% |
| 2008 | 6.03% | 5.62% | 6.63% | 5.1% | -0.31% |
| 2007 | 6.34% | 6.03% | 6.74% | 5.96% | -0.07% |
| 2006 | 6.41% | 6.07% | 6.8% | 6.1% | +0.54% |
| 2005 | 5.87% | 5.42% | 6.37% | 5.53% | +0.03% |
| 2004 | 5.84% | 5.21% | 6.34% | 5.38% | +0.01% |
| 2003 | 5.83% | 5.17% | 6.44% | 5.21% | -0.71% |
| 2002 | 6.54% | 5.98% | 7.18% | 5.93% | -0.43% |
| 2001 | 6.97% | 6.5% | 7.24% | 6.45% | -1.08% |
| 2000 | 8.05% | 7.72% | 8.64% | 7.13% | +0.61% |
| 1999 | 7.44% | 7.06% | 8.15% | 6.74% | +0.50% |
| 1998 | 6.94% | 6.59% | 7.22% | 6.49% | -0.66% |
| 1997 | 7.6% | 7.13% | 8.18% | 6.99% | -0.21% |
| 1996 | 7.81% | 7.32% | 8.42% | 6.94% | -0.12% |
| 1995 | 7.93% | 7.48% | 9.22% | 7.11% | -0.45% |
| 1994 | 8.38% | 7.89% | 9.25% | 6.97% | +1.07% |
| 1993 | 7.31% | 6.82% | 8.07% | 6.74% | -1.08% |
| 1992 | 8.39% | 7.94% | 9.03% | 7.84% | -0.86% |
| 1991 | 9.25% | 8.4% | 9.75% | 8.35% | -0.88% |
| 1990 | 10.13% | — | 10.67% | 9.56% | -0.19% |
| 1989 | 10.32% | — | 11.22% | 9.68% | -0.02% |
| 1988 | 10.34% | — | 10.77% | 9.84% | +0.13% |
| 1987 | 10.21% | — | 11.58% | 9.03% | +0.02% |
| 1986 | 10.19% | — | 10.99% | 9.29% | -2.24% |
| 1985 | 12.43% | — | 13.29% | 11.09% | -1.45% |
| 1984 | 13.88% | — | 14.68% | 13.14% | +0.64% |
| 1983 | 13.24% | — | 13.89% | 12.55% | -2.80% |
| 1982 | 16.04% | — | 17.66% | 13.57% | -0.60% |
| 1981 | 16.64% | — | 18.63% | 14.8% | +2.90% |
| 1980 | 13.74% | — | 16.35% | 12.18% | +2.54% |
| 1979 | 11.2% | — | 12.9% | 10.38% | +1.56% |
| 1978 | 9.64% | — | 10.38% | 8.98% | +0.79% |
| 1977 | 8.85% | — | 9% | 8.65% | -0.02% |
| 1976 | 8.87% | — | 9.1% | 8.7% | -0.18% |
| 1975 | 9.05% | — | 9.6% | 8.8% | -0.14% |
| 1974 | 9.19% | — | 10.03% | 8.4% | +1.15% |
| 1973 | 8.04% | — | 8.85% | 7.43% | +0.66% |
| 1972 | 7.38% | — | 7.46% | 7.23% | -0.16% |
| 1971 | 7.54% | — | 7.73% | 7.29% | — |
What Today's Rate Means for Your Payment
See how the current 6.22% rate compares to 5.0% across different loan amounts (30-year fixed, principal & interest only).
Loan Amount
$300,000
Loan Amount
$400,000
Loan Amount
$500,000
Mortgage Rates by Decade
1970s: The Era of Rising Rates
Mortgage rates started the decade around 7.5% and climbed steadily as inflation surged following the oil crisis of 1973. By the end of the decade, rates had reached double digits, setting the stage for the historic highs of the early 1980s.
Average
8.86%
Peak
12.9%
Low
7.23%
1980s: Historic Highs Under Volcker
Federal Reserve Chairman Paul Volcker raised the federal funds rate to combat double-digit inflation, pushing 30-year mortgage rates to an all-time peak of 18.63% in October 1981. Rates gradually declined through the decade as inflation was tamed, ending the 1980s near 10%.
Average
12.70%
Peak
18.63%
Low
9.03%
1990s: The Great Decline
With inflation under control, mortgage rates trended steadily downward throughout the 1990s. Rates started above 10% and ended the decade below 8%, fueling a housing boom and making homeownership more accessible to millions of Americans.
Average
8.12%
Peak
10.67%
Low
6.49%
2000s: Pre-Crisis Stability, Then Collapse
Rates held relatively steady between 5-7% for most of the decade. The housing bubble inflated as easy lending standards expanded homeownership. When the bubble burst in 2007-2008, the resulting financial crisis led the Fed to slash rates to near zero, pushing mortgage rates below 5% for the first time.
Average
6.29%
Peak
8.64%
Low
4.71%
2010s: Post-Crisis Lows
The Federal Reserve's quantitative easing (QE) programs kept mortgage rates at historically low levels throughout the decade. Rates bottomed near 3.3% in late 2012 and hovered between 3.5-4.5% for most of the decade, making it one of the best eras for mortgage borrowing in history.
Average
4.09%
Peak
5.21%
Low
3.31%
2020s: COVID Lows to Rate Hikes
The COVID-19 pandemic pushed rates to an all-time low of 2.65% in January 2021 as the Fed bought mortgage-backed securities aggressively. When inflation surged in 2022, the Fed raised rates at the fastest pace in decades, sending mortgage rates above 7% by late 2022 — a swing of over 4 percentage points in under two years.
Average
5.37%
Peak
7.79%
Low
2.65%
What Affects Mortgage Rates?
Federal Reserve Policy
The Fed sets the federal funds rate, which influences short-term rates. It also buys and sells mortgage-backed securities, directly affecting mortgage rates.
Inflation
Higher inflation erodes the value of future loan payments, so lenders charge higher rates to compensate. Inflation is the single biggest long-term driver of mortgage rates.
10-Year Treasury Yield
The 10-year Treasury bond yield is the closest benchmark for 30-year mortgage rates. When Treasury yields rise, mortgage rates typically follow within days.
Economic Conditions
Strong economic growth tends to push rates higher as demand for credit increases. Recessions typically push rates lower as investors seek the safety of bonds.
Housing Market Demand
High demand for mortgages can push rates up, while a slowdown in the housing market tends to bring rates down as lenders compete for fewer borrowers.
Frequently Asked Questions
Calculate Your Mortgage Payment
Use today's rate of 6.22% to estimate your monthly payment with taxes, insurance, and PMI.
Key Mortgage Rate Milestones
All-Time High
18.63%
October 9, 1981
All-Time Low
2.65%
January 7, 2021
Historical Average
7.67%
Since April 1971
Today's Rate
6.22%
2026-03-19