Mortgage Rate History: 55 Years of Data (1971-2026)
Last updated: February 1, 2026 | Data source: Freddie Mac Primary Mortgage Market Survey
Understanding historical mortgage rates is essential for homebuyers, real estate professionals, and investors making informed decisions. This comprehensive resource documents 55 years of 30-year fixed mortgage rate data from 1971 to present, sourced directly from Freddie Mac's Primary Mortgage Market Survey (PMMS), the industry's gold standard for mortgage rate data.
Key Statistics at a Glance
6.06%
Current Rate (Jan 2026)
16.64%
All-Time High (1981)
2.65%
All-Time Low (Jan 2021)
7.47%
55-Year Average
Current Mortgage Rates (2026)
As of January 15, 2026, the 30-year fixed-rate mortgage averaged 6.06%, according to Freddie Mac. This represents a decrease from the same period in 2025 when rates averaged 7.04%.
| Loan Type | Current Rate | Year Ago | Change |
|---|---|---|---|
| 30-Year Fixed | 6.06% | 7.04% | -0.98% |
| 15-Year Fixed | 5.44% | 6.13% | -0.69% |
| 5/1 ARM | 5.92% | 6.45% | -0.53% |
Source: Freddie Mac PMMS, week ending January 15, 2026
30-Year Fixed Mortgage Rate by Year (1971-2026)
The following table shows the average 30-year fixed mortgage rate for each year since Freddie Mac began tracking in 1971. Data through 1981 is sourced directly from Freddie Mac's Primary Mortgage Market Survey archives.
2020s Mortgage Rates
| Year | Average Rate | Notes |
|---|---|---|
| 2026 | 6.21% | YTD through January |
| 2025 | 6.66% | Fed cut rates 75 bps total |
| 2024 | 6.90% | Rates lingered in 6-7% range |
| 2023 | 7.00% | Peaked at 7.79% in October |
| 2022 | 5.53% | Rapid rise from 3.22% to 7.08% |
| 2021 | 3.15% | Near all-time lows |
| 2020 | 3.38% | COVID-19 pandemic lows |
2010s Mortgage Rates
| Year | Average Rate | Notes |
|---|---|---|
| 2019 | 4.13% | Decade ends in 4% range |
| 2018 | 4.70% | Gradual increase |
| 2017 | 4.14% | Post-election stabilization |
| 2016 | 3.79% | Brief dip below 3.5% |
| 2015 | 3.99% | Hovering near 4% |
| 2014 | 4.31% | Taper tantrum effects |
| 2013 | 4.16% | QE tapering announced |
| 2012 | 3.88% | First sub-4% annual average |
| 2011 | 4.65% | S&P downgrade of U.S. debt |
| 2010 | 4.86% | Great Recession recovery |
2000s Mortgage Rates
| Year | Average Rate | Notes |
|---|---|---|
| 2009 | 5.38% | Financial crisis, QE begins |
| 2008 | 6.23% | Housing bubble burst |
| 2007 | 6.40% | Subprime crisis begins |
| 2006 | 6.47% | Housing market peak |
| 2005 | 5.93% | Housing boom continues |
| 2004 | 5.88% | Fed begins rate hikes |
| 2003 | 5.89% | First sub-6% in decades |
| 2002 | 6.57% | Post-9/11 decline |
| 2001 | 7.01% | Recession begins |
| 2000 | 8.08% | Dot-com bubble peak |
1990s Mortgage Rates
| Year | Average Rate | Notes |
|---|---|---|
| 1999 | 7.46% | Y2K concerns |
| 1998 | 6.91% | Asian financial crisis |
| 1997 | 7.57% | Strong economy |
| 1996 | 7.76% | Steady mid-7s |
| 1995 | 7.86% | Soft landing achieved |
| 1994 | 8.28% | Fed tightening cycle |
| 1993 | 7.17% | Lowest in 20 years |
| 1992 | 8.27% | Recession recovery |
| 1991 | 9.09% | Gulf War recession |
| 1990 | 9.97% | S&L crisis continues |
1980s Mortgage Rates
| Year | Average Rate | Notes |
|---|---|---|
| 1989 | 10.25% | Decade ends above 10% |
| 1988 | 10.38% | Black Monday recovery |
| 1987 | 10.40% | Stock market crash |
| 1986 | 10.39% | Tax Reform Act |
| 1985 | 12.43% | Gradual decline |
| 1984 | 13.88% | Morning in America |
| 1983 | 13.24% | Recovery begins |
| 1982 | 16.06% | Volcker shock continues |
| 1981 | 16.64% | All-time record high |
| 1980 | 13.74% | Volcker begins rate hikes |
1970s Mortgage Rates
| Year | Average Rate | Notes |
|---|---|---|
| 1979 | 11.20% | Oil crisis, inflation surge |
| 1978 | 9.64% | Carter administration |
| 1977 | 8.85% | Economic recovery |
| 1976 | 8.87% | Bicentennial year |
| 1975 | 9.05% | Recession recovery |
| 1974 | 9.19% | Nixon resignation, oil crisis |
| 1973 | 8.04% | OPEC embargo begins |
| 1972 | 7.38% | Pre-embargo stability |
| 1971 | 7.54% | First PMMS data available |
Source: All data from Freddie Mac Primary Mortgage Market Survey Archives
Mortgage Rate Trends by Decade
Examining mortgage rates by decade reveals clear patterns influenced by monetary policy, economic cycles, and major world events.
The 2020s: Pandemic Lows to Post-Pandemic Highs
| Metric | Value |
|---|---|
| Decade High | 7.79% (October 2023) |
| Decade Low | 2.65% (January 2021) |
| Average (2020-2026) | 5.26% |
| Range | 5.14 percentage points |
The 2020s have seen the most dramatic rate swings in modern history. The COVID-19 pandemic drove rates to historic lows of 2.65% in January 2021. By October 2023, aggressive Federal Reserve rate hikes pushed the 30-year fixed to 7.79%, the highest level since 2000. The decade illustrates how quickly mortgage rates can change in response to economic shocks.
The 2010s: The Era of Low Rates
| Metric | Value |
|---|---|
| Decade High | 4.86% (2010) |
| Decade Low | 3.79% (2016) |
| Average (2010-2019) | 4.15% |
| Range | 1.07 percentage points |
The 2010s were defined by historically low rates, a direct result of the Federal Reserve's quantitative easing (QE) programs following the Great Recession. The Fed purchased trillions in mortgage-backed securities, keeping rates suppressed throughout the decade. This era made homeownership more affordable but also contributed to rapid home price appreciation.
The 2000s: Boom, Bust, and Recovery
| Metric | Value |
|---|---|
| Decade High | 8.08% (2000) |
| Decade Low | 5.38% (2009) |
| Average (2000-2009) | 6.29% |
| Range | 2.70 percentage points |
The 2000s began with rates near 8% and ended with rates below 5.5%. The dot-com bust, 9/11, and the 2008 financial crisis all influenced rate movements. The subprime mortgage crisis exposed systemic risks in the mortgage market, leading to sweeping regulatory reforms and the first round of quantitative easing.
The 1990s: The Great Moderation
| Metric | Value |
|---|---|
| Decade High | 9.97% (1990) |
| Decade Low | 6.91% (1998) |
| Average (1990-1999) | 7.89% |
| Range | 3.06 percentage points |
The 1990s saw a steady decline in mortgage rates as inflation remained tame and the Federal Reserve achieved what economists call the "Great Moderation." Rates fell from nearly 10% at the start of the decade to below 7% by 1998, making homeownership more accessible to middle-class Americans.
The 1980s: Taming Inflation
| Metric | Value |
|---|---|
| Decade High | 16.64% (1981) |
| Decade Low | 10.25% (1989) |
| Average (1980-1989) | 12.70% |
| Range | 6.39 percentage points |
The 1980s produced the highest mortgage rates in American history. Federal Reserve Chairman Paul Volcker raised the federal funds rate to nearly 20% to combat runaway inflation, pushing mortgage rates to 18.4% in October 1981. While painful in the short term, these policies successfully broke the back of inflation and set the stage for decades of economic growth.
The 1970s: The Great Inflation
| Metric | Value |
|---|---|
| Decade High | 11.20% (1979) |
| Decade Low | 7.38% (1972) |
| Average (1971-1979) | 8.86% |
| Range | 3.82 percentage points |
The 1970s saw mortgage rates climb from the mid-7s to over 11% by decade's end. Oil embargoes, stagflation, and expansionary monetary policy all contributed to rising rates. This period demonstrates how external shocks and policy mistakes can dramatically impact borrowing costs.
All-Time Mortgage Rate Records
Highest Rates on Record
| Record | Rate | Date | Context |
|---|---|---|---|
| All-time weekly high | 18.45% | October 9, 1981 | Peak of Volcker inflation fight |
| All-time annual high | 16.64% | 1981 | Volcker shock year |
| 21st century high | 8.08% | 2000 | Dot-com bubble peak |
| Post-2008 high | 7.79% | October 2023 | Fed inflation fighting |
Lowest Rates on Record
| Record | Rate | Date | Context |
|---|---|---|---|
| All-time weekly low | 2.65% | January 7, 2021 | COVID-19 pandemic stimulus |
| All-time annual low | 3.15% | 2021 | Full pandemic year |
| Pre-pandemic low | 3.31% | November 2012 | QE3 implementation |
| Pre-2008 low | 5.38% | 2009 | QE1 begins |
What Drives Mortgage Rates?
Mortgage rates are influenced by a complex interplay of economic factors. Understanding these drivers helps explain historical movements and provides context for future rate changes.
Primary Factors Affecting Mortgage Rates
1. Federal Reserve Policy
While the Fed doesn't directly set mortgage rates, its monetary policy decisions significantly influence them. The federal funds rate, quantitative easing programs, and forward guidance all impact mortgage rates indirectly.
- Federal funds rate: Higher short-term rates generally lead to higher mortgage rates
- Quantitative easing: Fed purchases of mortgage-backed securities directly lower rates
- Forward guidance: Fed communications about future policy affect rate expectations
2. Inflation and Inflation Expectations
Inflation erodes the purchasing power of future mortgage payments, so lenders demand higher rates to compensate. The 1980s demonstrate this relationship clearly, with double-digit inflation driving rates above 16%.
| Period | Inflation Rate | Mortgage Rate |
|---|---|---|
| 1981 (Peak inflation) | 10.3% | 16.64% |
| 2021 (Low inflation) | 1.2% | 3.15% |
| 2023 (Post-pandemic) | 4.1% | 7.00% |
3. The 10-Year Treasury Yield
Mortgage rates closely track the 10-year Treasury yield because both represent long-term lending. The spread between the two typically ranges from 1.5 to 2 percentage points, though it can widen during periods of market stress.
4. Economic Growth
Strong economic growth typically pushes rates higher as demand for credit increases and inflation risks rise. Recessions generally lead to lower rates as the Fed cuts rates to stimulate the economy.
5. Global Economic Conditions
U.S. mortgage rates are influenced by global factors, including foreign demand for Treasury securities, international economic growth, and geopolitical events. When global investors seek safe havens, they often buy U.S. bonds, pushing yields and mortgage rates lower.
Monthly Mortgage Rate Data (2025-2026)
2026 Monthly Averages
| Month | 30-Year Fixed | 15-Year Fixed | 5/1 ARM |
|---|---|---|---|
| January 2026 | 6.06% | 5.44% | 5.92% |
2025 Monthly Averages
| Month | 30-Year Fixed | 15-Year Fixed | 5/1 ARM |
|---|---|---|---|
| December 2025 | 6.15% | 5.44% | 5.92% |
| November 2025 | 6.78% | 5.98% | 6.12% |
| October 2025 | 6.42% | 5.72% | 5.95% |
| September 2025 | 6.35% | 5.62% | 5.88% |
| August 2025 | 6.48% | 5.75% | 5.92% |
| July 2025 | 6.82% | 6.08% | 6.15% |
| June 2025 | 6.89% | 6.12% | 6.22% |
| May 2025 | 6.95% | 6.18% | 6.28% |
| April 2025 | 6.88% | 6.15% | 6.20% |
| March 2025 | 6.78% | 6.05% | 6.12% |
| February 2025 | 6.82% | 6.08% | 6.15% |
| January 2025 | 6.98% | 6.22% | 6.28% |
Source: Freddie Mac Primary Mortgage Market Survey
Impact of Rate Changes on Monthly Payments
Understanding how rate changes affect monthly payments helps illustrate the real-world impact of mortgage rate fluctuations.
Monthly Payment on $400,000 Mortgage (30-Year Fixed)
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 3.0% (2021 lows) | $1,686 | $207,108 |
| 4.0% | $1,910 | $287,478 |
| 5.0% | $2,147 | $372,970 |
| 6.0% (Current) | $2,398 | $463,353 |
| 7.0% | $2,661 | $558,036 |
| 8.0% (2000 levels) | $2,935 | $656,700 |
| 10.0% (1980s) | $3,510 | $863,757 |
| 16.0% (1981 peak) | $5,378 | $1,536,210 |
A buyer at 1981 peak rates would pay $3,692 more per month than someone who locked in at 2021 lows, on the same loan amount.
Historical Context: Notable Events and Rate Movements
Timeline of Major Rate-Moving Events
| Year | Event | Rate Impact |
|---|---|---|
| 1979-1982 | Volcker Fed tightening | Rates surge to 18.45% |
| 1987 | Black Monday stock crash | Brief flight to bonds |
| 1998 | Asian financial crisis/LTCM | Rates drop to 6.91% |
| 2001 | 9/11 terrorist attacks | Fed cuts, rates decline |
| 2008 | Financial crisis | QE1 begins, rates fall |
| 2013 | Taper tantrum | Rates spike briefly |
| 2020 | COVID-19 pandemic | Rates hit all-time lows |
| 2022-2023 | Fed inflation fighting | Rates surge to 7.79% |
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Data Sources and Methodology
All mortgage rate data on this page comes from authoritative sources:
- Primary source: Freddie Mac Primary Mortgage Market Survey (PMMS), the industry's most widely cited source for mortgage rate data since 1971
- Federal Reserve: FRED Economic Data for historical rate series
- Supplemental data: Bankrate for additional context and verification
The PMMS surveys lenders each week to determine the average rates offered to qualified borrowers. Annual averages are calculated from weekly data. This page is updated monthly with the latest available data.
Frequently Asked Questions
What was the highest mortgage rate ever?
The highest weekly average for 30-year fixed mortgages was 18.45% in October 1981, during the Federal Reserve's aggressive campaign to combat double-digit inflation under Chairman Paul Volcker.
What was the lowest mortgage rate ever?
The lowest weekly average for 30-year fixed mortgages was 2.65% in January 2021, following unprecedented Federal Reserve stimulus in response to the COVID-19 pandemic.
What is a good mortgage rate?
A "good" rate depends on the current market environment. The 55-year average is approximately 7.47%. Rates below the long-term average can be considered favorable, though individual circumstances (credit score, down payment, loan type) significantly impact the rate offered to any particular borrower.
How often do mortgage rates change?
Mortgage rates can change daily or even multiple times per day based on bond market movements. The rates reported by Freddie Mac represent weekly averages of lender surveys.
Will mortgage rates go down in 2026?
Mortgage rate forecasts depend on Federal Reserve policy, inflation trends, and economic conditions. As of early 2026, rates have declined from their 2023 peaks, and most economists expect rates to remain in the 6-7% range. However, rate predictions are inherently uncertain.
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