(c) įor some perspective on today’s mortgage interest rates, here’s how average 30-year rates have changed from year to year over the past five decades. Historical 30-year mortgage rates chartĬhart represents weekly averages for a 30-year fixed-rate mortgage. To understand today’s mortgage rates in context, take a look at where they’ve been throughout history. Between April 1971 and January 2023, 30-year fixed-rate mortgages averaged 7.75%. But if we take a step back and look at rates over the long term, they’re still below the historic average.įreddie Mac - the main industry source for mortgage rates - has been keeping records since 1971. (c) Ĭurrent rates are more than double their all-time low of 2.65% (reached in January 2021). Current mortgage interest rates chartĬhart represents weekly averages for a 30-year fixed-rate mortgage. After the Federal Reserve’s decision to increase the benchmark rate by only 25 basis points on February 1, we could see further declines (or at least a leveling-off) for the remainder of the year. With inflation running ultra-hot, mortgage interest rates surged to their highest levels since 2002.īut rates have since cooled off. Emergency actions by the Federal Reserve helped to push mortgage rates below 3% and keep them there.
Mortgage interest rates fell to record lows in 20 during the Covid pandemic. So rather than looking only at average rates, check your personalized rates to see what you qualify for. Borrowers with good credit and strong finances often get mortgage rates well below the industry norm. Keep in mind that average mortgage rates are just a benchmark. That was followed by additional drops over the next two weeks, eventually closing out the year at 6.42%.Īs we entered 2023, rates continued to fluctuate, currently holding at almost a full percentage point lower than the peak reported last October. Febru9 min read A look at mortgage rates over timeĪfter rising sharply throughout 2022, mortgage rates took their largest dip in 41 years on November 17.
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