Average 30-Year Mortgage Rates in the US 1975-2024

Rank	Year	Average 30-Year Rate
1	1970	7
2	1975	9
3	1976	9
4	1977	9
5	1978	10
6	1979	11
7	1980	14
8	1981	17
9	1982	16
10	1983	13
11	1984	14
12	1985	12
13	1986	10
14	1987	10
15	1988	10
16	1989	10
17	1990	10
18	1991	9
19	1992	8
20	1993	7
21	1994	8
22	1995	8
23	1996	8
24	1997	8
25	1998	7
26	1999	7
27	2000	8
28	2001	7
29	2002	7
30	2003	6
31	2004	6
32	2005	6
33	2006	6
34	2007	6
35	2008	6
36	2009	5
37	2010	5
38	2011	4
39	2012	4
40	2013	4
41	2014	4
42	2015	4
43	2016	4
44	2017	4
45	2018	5
46	2019	4
47	2020	3
48	2021	3
49	2022	5
50	2023	7

Understanding the trends of mortgage rates is crucial for both potential homeowners and economic analysts. The mortgage rate is an essential factor determining the affordability of housing, which in turn impacts the overall real estate market and the broader economy. This article provides an in-depth analysis of the historical trends in the average 30-year mortgage rate in the US from 1975 to 2022.

1975 to 1989: The Era of High Mortgage Rates

The data from 1975 reveals a mortgage rate of 9.05%, which marks the beginning of our analysis. Over the following years, the rates fluctuated but mostly trended upward. By 1981, they peaked at a staggering 16.63%. A combination of economic factors, including inflation and monetary policy, contributed to these high rates. However, the later part of the decade saw a gradual decrease, with the rate closing at 10.32% in 1989.

The 1990s: A Decade of Decreasing Rates

The 1990s were characterized by a continued downward trend in 30-year mortgage rates. Starting the decade at 10.13% in 1990, the rates dropped almost yearly, hitting a low of 6.94% in 1998. This downward trend made home ownership more affordable for many Americans, fostering growth in the housing market.

1990: 10.13%
1995: 7.93%
1998: 6.94%

The 2000s: A Period of Relative Stability

At the turn of the century, the rates slightly increased, reaching 8.05% in 2000. The following years, however, saw a series of ups and downs before eventually dropping to 5.04% in 2009. This period represented a relatively stable era for mortgage rates.

The 2010s: Record Lows

The 2010s saw record lows for mortgage rates. Starting at 4.69% in 2010, the rates consistently dropped to a historical low of 2.96% in 2021. The efforts to stimulate the economy after the financial crisis and later the global pandemic played a significant role in driving these low rates.

2022/23: An Unexpected Jump

In a surprising turn of events, 2022 marked a considerable increase in the mortgage rates to 5.34%. This spike underscores the unpredictable nature of mortgage rates, influenced by a myriad of complex economic factors. The trend continued well into 2023, jumping to approximately 7.55% for a 30 year fixed-rate mortgage.

Source: The Mortgage Report and Rocket Mortgage