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The average mortgage rate over the past fifty four years was 7.73%. Mortgage rates have climbed in recent years with the 2024 30-year fixed mortgage rates fluctuation between 6.60% and 7.22% this year with the current 30-year weekly rate of 6.95%. Pairing the high cost of mortgage rates with record home prices has impacted housing affordability in the U.S.
The above chart shows the distribution of weekly mortgage rates from 1971 to 2024. Mortgage rates ranged from a low of 2.65% to a high of 18.63% based on the weekly 30-year fixed mortgage rates over the fifty four year period. These distributions help to show the trends in the variability of the historial mortgage rates. Years with flatter spread out distributions show more variability in mortgage rates through the year. Distributions with high peaks show that mortgage rates stayed within a narrow range for the duration of the year. The placement of the distributions along the x-axis is also an indication of how mortgage rates have changed over the years.
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2024
The mortgage rates for 2024 are based on the partial data available from the start of the year up until the most current weekly rate of 6.95% on June 13, 2024. While the data for 2024 is only based on the partial year, we can still see a variability in the distribution of weekly 30-year fixed mortgage rates. The highest posted rate in 2024 was 7.22% with the lowest weekly mortgage rate of 6.60%. Overall we can see the trend of mortgage rates in 2024 have stayed relativly stable as the distribution is concentrated.
2023
The highest mortgage rate of 2023 was 7.79% with the lowest weekly 30-year fixed mortgage rate of 6.09%. This band was relatively low with only a 1.7% difference from the highest to the lowest weekly rate. 30-year fixed mortgage rates have trended higher compared to the previous year.
2022
This year saw the highest variability in mortgage rates with a large gap of 3.76% when comparing the highest rate to the lowest. The distribution of mortgage rates remains flat and spread out which supports the trend of mortgage rates increasing throughout the year from the low rates seen in the prior years. The highest 30-year fixed mortgage rate was 7.08% in 2022 with a rate of 3.32% making the lowest rate.
2021
Mortgage rates were quite stable in 2021 as is supported by the large peaked distribution representing a high density. The highest weekly mortgage rate in 2023 was 3.18% with a rate of 2.65% being the lowest rate of the year. The difference from the highest rate to the lowest rate was only 0.53% which is the lowest of the 5-years shown.
2020
This year saw a rate of 3.72% as the highest weekly 30-year fixed mortgage rate. A weekly rate of 2.66% was the lowest rate in 2020. With a difference of 1.06% weekly 30-year fixed mortgage rates remained relatively stable in 2020.
source: FRED