Mortgage Rate History: 1970s To 2026

The residential mortgage as we know it today is less than a century old. In fact, until the Federal Housing Administration (FHA) was established in 1934, only one in 10 Americans even owned a home. That all changed with the introduction of the 30-year fixed-rate mortgage during the Great Depression, which made homeownership possible for millions.

Recent changes in mortgage rates have put a strain on the housing market. Historically low rates at the start of the 2020s led to a surge in home prices, and rates have stayed consistently between 6% and 7% since the Federal Reserve raised rates in 2022. However, home prices remain high. This combination of climbing prices with higher-than-recent rates has made housing affordability a major problem.

Mortgage rates over time

• Average 30-year fixed mortgage rate by year
  

  Here is a timeline of the average 30-year fixed mortgage rate by year. Bankrate first began aggregating rate data in 1982; all data prior was sourced from Freddie Mac. The 2026 average is through April 13.

  Year	30-year fixed-rate average
  2026	6.40%
  2025	6.66%
  2024	6.90%
  2023	7.00%
  2022	5.53%
  2021	3.15%
  2020	3.38%
  2019	4.13%
  2018	4.70%
  2017	4.14%
  2016	3.79%
  2015	3.99%
  2014	4.31%
  2013	4.16%
  2012	3.88%
  2011	4.65%
  2010	4.86%
  2009	5.38%
  2008	6.23%
  2007	6.40%
  2006	6.47%
  2005	5.93%
  2004	5.88%
  2003	5.89%
  2002	6.57%
  2001	7.01%
  2000	8.08%
  1999	7.46%
  1998	6.91%
  1997	7.57%
  1996	7.76%
  1995	7.86%
  1994	8.28%
  1993	7.17%
  1992	8.27%
  1991	9.09%
  1990	9.97%
  1989	10.25%
  1988	10.38%
  1987	10.40%
  1986	10.39%
  1985	12.43%
  1984	13.88%
  1983	13.24%
  1982	16.06%
  1981	16.64%*
  1980	13.74%*
  1979	11.20%*
  1978	9.64%*
  1977	8.85%*
  1976	8.87%*
  1975	9.05%*
  1974	9.19%*
  1973	8.04%*
  1972	7.38%*

  * Freddie Mac rate data

   

Current mortgage rates

Between December 2025 and February 2026, Bankrate’s average mortgage rates have been near the lowest levels since 2022. As of April 13, the 30-year mortgage rate averaged 6.40%, according to Bankrate’s lender survey.

2020s mortgage rate trends

Entering 2020, the 30-year fixed-rate mortgage was already below 4%. Then the COVID-19 pandemic brought it to a record low, just under 3%.

By 2022, the Federal Reserve began raising its benchmark interest rate to cool pandemic-spurred inflation, and mortgage rates followed suit. Fast-forward to October 2023, and the 30-year mortgage rate broke through 8% — an average not seen since 2000.

For most of 2024, mortgage rates lingered in the 6s and 7s. The Fed pivoted back to rate cuts in September, October and December of that year. Despite the Fed’s cuts, mortgage rates rose from September 2024 into 2025.

In September, October and December of 2025, the Federal Reserve cut rates by 25 basis points each to total 75 basis points. Rates for the year drifted downward from highs between 6.8% and 7% to end with an average of 6.66%.

Rates continued to drop into 2026 until the conflict with Iran began in February. This halted trade, particularly for oil, which sent 10-year Treasury bond yields climbing. Prior to this, mortgage rates were around 6%. By the end of March, they climbed over 40 basis points and now average 6.24%.

2010s mortgage rate trends

In the 2010s, the 30-year mortgage rate trended downward, beginning in the 4% range, dipping below 4%, and ending the decade back in that range. These low rates were brought on in part by the Federal Reserve’s Great Recession-era policies.

2000s mortgage rate trends

Driven by the subprime mortgage crisis of the late 2000s, the 30-year mortgage rate tumbled from about 8% at the start of the decade down to 5.4% by 2009. At this time, the Federal Reserve implemented quantitative easing measures, buying mortgage bonds in bulk to drive down interest rates and usher in an economic recovery.

1990s mortgage rate trends

The 1990s saw a significant shift in the 30-year mortgage rate, which plunged to an average of 6.91% in 1998. This drop was brought on by the dot-com bubble, an era when investors rushed to buy stocks from overvalued technology companies. When these stocks plummeted, investors turned their focus to fixed-income investments, such as bonds. As bond prices rose and yields fell, mortgage rates, which follow the 10-year Treasury yield, also declined.

1980s mortgage rate trends

At the beginning of 1980, homes in the U.S. cost a median of $63,700, according to the Department of Housing and Urban Development (HUD). By 1990, that median had risen to $123,900. Spurred by the Great Inflation, the 30-year fixed mortgage rate reached a pinnacle of 18.4% in October 1981, according to Freddie Mac. Once the Fed reined in inflation, the 30-year rate seesawed down to the 9% range, closing the decade at 9.78%.

1970s mortgage rate trends

The average 30-year fixed-rate mortgage started the decade at about 7.5% in 1971 (the earliest year for which data is available), according to Freddie Mac. By 1979, the rate had risen to an average of 11.2%. During this decade, the Federal Reserve’s expansionary policy and other factors helped drive inflation and borrowing costs way up.

Mortgage rate predictions

While we can try to guess based on historical data, no one knows for certain what will happen to future mortgage rates over time — whether they’ll change at all, or when. Still, we regularly ask economists and other experts to weigh in. For week-to-week predictions, check out our mortgage rate poll. For a monthly look-ahead, read our latest mortgage rate forecast.

How historic mortgage rates affect buying a home

Broadly speaking, lower mortgage rates fuel demand among homebuyers and can increase an individual’s buying power. However, that demand as a result of lower rates also tends to drive up home prices, which can impact affordability even more so.

A higher rate, on the other hand, means higher monthly mortgage payments, which can be a barrier for a buyer if the cost becomes unaffordable. In general, a borrower with a higher credit score, stable income and a sizable down payment qualifies for the lowest rates.

While you should keep an eye on mortgage rates, avoid trying to time the market. A home is an investment, but it’s also where you live. In general, it’s best to get a mortgage when you can afford it and the timing is right for you.

Learn more: How mortgage rates are determined

How historic mortgage rates affect refinancing

When mortgage refinancing rates are on the rise, it might make less financial sense to refinance. Generally, it’s best to refinance if you can shave off one-half to three-quarters of a percentage point from your current interest rate, and if you plan to stay in your home for a longer period, at least five years. If you plan to sell your home soon, the cost to refinance might not be worth it.

Next steps 

Mortgage rates are affected by two things: world events and your personal finances. As we’ve seen recently, the COVID-19 pandemic led to bottomed-out mortgage rates — the lowest rates our country has ever seen. On a smaller, more recent scale, the conflict with Iran has caused upward pressure on mortgage rates as oil prices and inflation rise. 

You can’t control these big global events, but you have more control over your finances. Saving for a down payment, paying down debt and growing your income will all land you with a better mortgage offer. You also need to shop around lenders because not every lender will give you a great deal. Bankrate consistently has mortgage offers below market average. Use our tool to compare mortgage rates with top lenders and weigh the pros and cons of each.