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Mortgage rates are one of the primary factors impacting home affordability in the US. The mortgage rate determines the interest you pay on your home loan — purchasing a home or refinancing when rates are low helps to improve home affordability.
Mortgage rate history summary
- The overall average 30-year fixed mortgage rate is 7.72%
- Lowest 30-year fixed mortgage rate: 2.65%
- Highest 30-year fixed mortgage rate: 18.63%
- The overall average 15-year fixed mortgage rate is 5.30%
- Lowest 15-year fixed mortgage rate: 2.10%
- Highest 15-year fixed mortgage rate: 8.89%
Table of contents
- 30-year vs. 15-year fixed mortgage rate history
- 30-year fixed mortgage rates
- 15-year fixed mortgage rates
- Mortgage rate impact on home purchase
- Historical mortgage rates by year
- Mortgage rate breakdown by the decade
30-Year vs. 15-Year Fixed Mortgage Rate 1971 to 2024
Over the period of 1991 to 2024 where both the 30-year and 15-year fixed mortgage rates were tracked — the 30-year average fixed mortgage rate was always more expensive than the 15-year average fixed mortgage rate. Over this period of time the 30-year fixed mortgage rate was on average 0.58% more expensive than the 15-year fixed mortgage rate. Loans with a shorter term such as the 15-year mortgage are less risky for lenders which is why they can afford to offer lower rates.
While the 30-year fixed mortgage rates were tracked in 1971 to 2024 the 15-year fixed mortgage rates were only tracked starting in 1991. This difference in time periods helps to explain the variance in overall annual averages between the 15-year and 30-year mortgage rates.
30-Year Fixed Mortgage Rate 1971 to 2024
- Overall 30-year average: 7.72%
- Lowest: 2.65%
- Highest: 18.63%
Over the period of 1971 to 2024 the overall average 30-year fixed mortgage rate was 7.72%. The highest 30-year fixed mortgage rate during this time was 18.63% which was observed in 1981. The lowest 30-year fixed mortgage rate was 2.65% which was observed in 2021.
15-Year Fixed Mortgage Rate 1991 to 2024
- Overall 15-year average: 5.30%
- Lowest: 2.10%
- Highest: 8.89%
Over the period of 1991 to 2024 the overall average 15-year fixed mortgage rate was 5.30%. The highest 15-year fixed mortgage rate during this time was 8.89% which was observed in 1994. The lowest 15-year fixed mortgage rate was 2.10% which was observed in 2021.
How mortgage rates impact purchasing a home
The median home price in the US is $416,700 — according to the most recent home market report. If we were to follow the 28/36 rule as a guide for mortgage affordability — how much of a role does the mortgage rate play?
Read more: median home price state-by-state
If we use a $20,000 down payment and 30-year amortization period we can compare the cost of mortgage payments with different mortgage rates.
If we use the 30-year average fixed rate of 7.72% the mortgage payment on the median home in the US would be $2,834. Holding all other variables constant if we update the mortgage rate to be 6.72% the monthly payment drops to $2,565 — which is $269 less a month.
So how much do mortgage rates impact home affordability? Well with a mortgage rate of 7.72% total interest paid over the lifetime of the loan will be $623,464 — compared to $526,730 with a mortgage rate of 6.72% — for a difference of $96,734 over the 30-year amortization period.
The interest rate you choose has a large impact on home affordability. Since current mortgage rates are much lower than the 30-year fixed average of 7.72% — it is a good idea to use a mortgage payment calculator to compare different scenarios.
If we were to purchase the medain home in the US with a 25-year amortization period and use the 28/36 rule as a guide to mortgage affordability — total interest paid over the term of the mortgage changes substantially based on this mortgage affordability calculation keeping all variables constant and changing only the interest
Average 30-year and 15-year fixed mortgage rates by year
The below chart is a summary of the average fixed 30-year and 15-year mortgage rates from 1971 to 2024.
| Year | 30-Year Average Fixed | 15-Year Average Fixed |
|---|---|---|
| 2024 | 6.87% | 6.03% |
| 2023 | 6.81% | 6.11% |
| 2022 | 5.34% | 4.58% |
| 2021 | 2.96% | 2.27% |
| 2020 | 3.11% | 2.6% |
| 2019 | 3.94% | 3.39% |
| 2018 | 4.54% | 4% |
| 2017 | 3.99% | 3.27% |
| 2016 | 3.65% | 2.93% |
| 2015 | 3.85% | 3.09% |
| 2014 | 4.17% | 3.29% |
| 2013 | 3.98% | 3.1% |
| 2012 | 3.66% | 2.93% |
| 2011 | 4.45% | 3.68% |
| 2010 | 4.69% | 4.1% |
| 2009 | 5.04% | 4.57% |
| 2008 | 6.03% | 5.62% |
| 2007 | 6.34% | 6.03% |
| 2006 | 6.41% | 6.07% |
| 2005 | 5.87% | 5.42% |
| 2004 | 5.84% | 5.21% |
| 2003 | 5.83% | 5.17% |
| 2002 | 6.54% | 5.98% |
| 2001 | 6.97% | 6.5% |
| 2000 | 8.05% | 7.72% |
| 1999 | 7.44% | 7.06% |
| 1998 | 6.94% | 6.59% |
| 1997 | 7.6% | 7.13% |
| 1996 | 7.81% | 7.32% |
| 1995 | 7.93% | 7.48% |
| 1994 | 8.38% | 7.89% |
| 1993 | 7.31% | 6.82% |
| 1992 | 8.39% | 7.94% |
| 1991 | 9.25% | 8.41% |
| 1990 | 10.13% | N/A |
| 1989 | 10.32% | N/A |
| 1988 | 10.34% | N/A |
| 1987 | 10.21% | N/A |
| 1986 | 10.19% | N/A |
| 1985 | 12.43% | N/A |
| 1984 | 13.88% | N/A |
| 1983 | 13.24% | N/A |
| 1982 | 16.04% | N/A |
| 1981 | 16.64% | N/A |
| 1980 | 13.74% | N/A |
| 1979 | 11.2% | N/A |
| 1978 | 9.64% | N/A |
| 1977 | 8.85% | N/A |
| 1976 | 8.87% | N/A |
| 1975 | 9.05% | N/A |
| 1974 | 9.19% | N/A |
| 1973 | 8.04% | N/A |
| 1972 | 7.38% | N/A |
| 1971 | 7.54% | N/A |
Historical mortgage rates by each decade
Here is a breakdown of the 30-year fixed mortgage rates in the United States. From the period of 1971-2024 the average overall mortgage rate is 7.72%. If you take the average of the lowest weekly mortgage rates for each year the average lowest weekly mortgage rate is 7.04% (-0.68% from the average). The average of the highest weekly mortgage rates is 8.42% (+0.70 from the average).
2020's
The average 30-year fixed mortgage rate was 3.11% in 2020 which was a decrease from the average rate at the end of the previous decade. While rates were low at the start of the 2020's they have quickly risen to the current average 30-year fixed mortgage rate of 6.87% in 2024. The highest weekly mortgage rate was 7.79% in 2023 which is a 5.14% increase from the lowest weekly mortgage rate of 2.65% two years prior in 2021.
| Year | Average | High | Low |
|---|---|---|---|
| 2024 | 6.87% | 6.60% | 7.22% |
| 2023 | 6.81% | 6.09% | 7.79% |
| 2022 | 5.34% | 3.22% | 7.08% |
| 2021 | 2.96% | 2.65% | 3.18% |
| 2020 | 3.11% | 2.66% | 3.72% |
2010's
The start of the 2010's saw an average 30-year fixed mortgage rate of 4.69% in 2010. Mortgage rates stayed within the 3-5% range throughout the decade. The highest weekly mortgage rate was 5.21% in 2010. The lowest weekly mortgage rate was 3.31% a couple of years later in 2012. The end of the decade saw the average 30-year mortgage rate hit 3.94% in 2019.
| Year | Average | High | Low |
|---|---|---|---|
| 2019 | 3.94% | 3.49% | 4.51% |
| 2018 | 4.54% | 3.95% | 4.94% |
| 2017 | 3.99% | 3.78% | 4.30% |
| 2016 | 3.65% | 3.41% | 4.32% |
| 2015 | 3.85% | 3.59% | 4.09% |
| 2014 | 4.17% | 3.80% | 4.53% |
| 2013 | 3.98% | 3.34% | 4.58% |
| 2012 | 3.66% | 3.31% | 4.08% |
| 2011 | 4.45% | 3.91% | 5.05% |
| 2010 | 4.69% | 4.17% | 5.21% |
2000's
The decade started off with an average 30-year mortgage rates of 8.05% in 2000. This year also had the highest weekly mortgage rate at 8.64%. From 2001 to 2009 the mortgage rates stayed within the range of 5-6% reaching a low average mortgage rate of 5.04% in 2009.
| Year | Average | High | Low |
|---|---|---|---|
| 2009 | 5.04% | 4.71% | 5.59% |
| 2008 | 6.03% | 5.10% | 6.63% |
| 2007 | 6.34% | 5.96% | 6.74% |
| 2006 | 6.41% | 6.10% | 6.80% |
| 2005 | 5.87% | 5.53% | 6.37% |
| 2004 | 5.84% | 5.38% | 6.34% |
| 2003 | 5.83% | 5.21% | 6.44% |
| 2002 | 6.54% | 5.93% | 7.18% |
| 2001 | 6.97% | 6.45% | 7.24% |
| 2000 | 8.05% | 7.13% | 8.64% |
1990's
The first year of the 1990's saw peak in mortgage rates for the decade as the down ward trend from the 1980's continued. The average 30-year mortgage rate in 1990 was 10.13% with the max weekly rate reaching 10.67%. Rates continued to decrease as the decade continued with a low average rate in 1998 of 6.94%. The decade finished off with mortgage rates slightly above the 1998 low with an average 30-year mortgage rate of 7.44% in 1999. The highest weekly mortgage rate for the decade was 10.67% in 1990 and the lowest weekly mortgage rate was 7.22% in 1998.
| Year | Average | High | Low |
|---|---|---|---|
| 1999 | 7.44% | 6.74% | 8.15% |
| 1998 | 6.94% | 6.49% | 7.22% |
| 1997 | 7.60% | 6.99% | 8.18% |
| 1996 | 7.81% | 6.94% | 8.42% |
| 1995 | 7.93% | 7.11% | 9.22% |
| 1994 | 8.38% | 6.97% | 9.25% |
| 1993 | 7.31% | 6.74% | 8.07% |
| 1992 | 8.39% | 7.84% | 9.03% |
| 1991 | 9.25% | 8.35% | 9.75% |
| 1990 | 10.13% | 9.56% | 10.67% |
1980's
Historical mortgage rates started off the decade with an average 30-year mortgage rate of 13.74% in 1980. The average mortgage rate saw an increase in 1981 to an average 30-year mortgage rate of 16.64% which was the peak of the decade. The 1980's finished off with an average rate of 10.32%. Over the decade the highest mortgage rate was 18.63% in 1981 and the lowest was 9.03% in 1987.
| Year | Average | High | Low |
|---|---|---|---|
| 1989 | 10.32% | 9.68% | 11.22% |
| 1988 | 10.34% | 9.84% | 10.77% |
| 1987 | 10.21% | 9.03% | 11.58% |
| 1986 | 10.19% | 9.29% | 10.99% |
| 1985 | 12.43% | 11.09% | 13.29% |
| 1984 | 13.88% | 13.14% | 14.68% |
| 1983 | 13.24% | 12.55% | 13.89% |
| 1982 | 16.04% | 13.57% | 17.66% |
| 1981 | 16.64% | 14.80% | 18.63% |
| 1980 | 13.74% | 12.18% | 16.35% |
1970's
The 1970's saw the 30-year mortgage rate start off with an average of 7.30% in 1971. Mortgage rates increased from an average of 7.30% in 1971 to an average of 11.20% at the end of the decade in 1979. The lowest 30-year mortgage rate was 7.23% in 1972 compared to the highest rate of 12.90% in 1979.
| Year | Average | High | Low |
|---|---|---|---|
| 1979 | 11.20% | 10.38% | 12.90% |
| 1978 | 9.64% | 8.98% | 10.38% |
| 1977 | 8.85% | 8.65% | 9.00% |
| 1976 | 8.87% | 8.70% | 9.10% |
| 1975 | 9.05% | 8.80% | 9.60% |
| 1974 | 9.19% | 8.40% | 10.03% |
| 1973 | 8.04% | 7.43% | 8.85% |
| 1972 | 7.38% | 7.23% | 7.46% |
| 1971 | 7.54% | 7.29% | 7.73% |
source: FRED