Updated: 2023/05/25
Mortgage Interest Rates: A Historical Perspective
For many Americans, purchasing a home is the largest financial decision they will make in their lifetime. The decision to buy a home is impacted by a variety of factors, one of the most significant being the cost of borrowing money through a mortgage loan. The interest rate on a mortgage can significantly affect the monthly payment and the overall cost of the home over time. In this article, we will explore the history of mortgage interest rates in the United States, from 1990 to present.
In 1990, the average interest rate for a 30-year fixed rate mortgage in the United States was 10.13 percent. Throughout the early 1990s, interest rates remained high, reaching a peak of 12.5 percent in 1991. However, by the mid-1990s, rates began to decline, with the average interest rate for a 30-year fixed rate mortgage falling to 7.6 percent in 1998.
The late 1990s and early 2000s saw relatively low interest rates, with the average rate for a 30-year fixed rate mortgage hovering between 6 and 8 percent. This period was characterized by a booming housing market, as low interest rates made homes more affordable for many Americans.
In 2008, the housing market crashed, leading to the Great Recession. The Federal Reserve responded by lowering interest rates to historic lows in an effort to stimulate the economy. In 2012, the average interest rate for a 30-year fixed rate mortgage hit a record low of 3.66 percent.
In the years following the recession, interest rates began to gradually rise. By 2018, the average interest rate for a 30-year fixed rate mortgage had risen to 4.54 percent. However, rates remained historically low compared to previous decades.
In 2020, interest rates hit record lows once again due to the COVID-19 pandemic. The Federal Reserve lowered interest rates to near zero in an effort to stabilize the economy. As a result, the average interest rate for a 30-year fixed rate mortgage fell to 2.65 percent in January 2021, the lowest rate in history. In 2021 and especially in 2022, inflation began to rise aggressively and the Federal Reserve began to raise interest rates and therefore mortgage rates jumped rapidly as well. In March 2023, the rate for a 30-year mortgage exceeded 6.5 percent.
Looking ahead, mortgage rates will begin to decline following the Federal Reserve's (FOMC) rate cuts, whose actions depend on inflation trends.
In conclusion, the history of mortgage interest rates in the United States has been characterized by fluctuations and changes over the past 30 years. From historic highs in the early 1990s to record lows in 2020, interest rates have had a significant impact on the affordability of homes for millions of Americans. While experts predict rising interest rates in the near future, the overall trend remains towards lower rates compared to previous decades.
Mortgage Rates For The Past Months And Years
Here are the interest rates for the most popular 30-year fixed-rate and 15-year fixed-rate mortgages.
Mortgage interest rates in May 2023.
Averaged 30-year mortgage interest rate at 6.43%. Averaged 15-year mortgage rate at 5.81%.
Mortgage interest rates in April 2023.
Averaged 30-year mortgage interest rate at 6.34%. Averaged 15-year mortgage rate at 5.66%.
Table 1. Mortgage Interest Rates By Week.
| Date | 30-Yr, % | 15-Yr, % |
| 2023/5/25 | 6.57 | 5.97 |
| 2023/5/18 | 6.39 | 5.75 |
| 2023/5/11 | 6.35 | 5.75 |
| 2023/5/04 | 6.39 | 5.76 |
| 2023/4/27 | 6.43 | 5.71 |
| 2023/4/20 | 6.39 | 5.76 |
| 2023/4/13 | 6.27 | 5.54 |
| 2023/4/06 | 6.28 | 5.64 |
| 2023/3/30 | 6.32 | 5.56 |
| 2023/3/23 | 6.42 | 5.68 |
| 2023/3/16 | 6.6 | 5.9 |
| 2023/3/09 | 6.73 | 5.95 |
| 2023/3/02 | 6.65 | 5.89 |
| 2023/2/23 | 6.5 | 5.76 |
| 2023/2/16 | 6.32 | 5.51 |
| 2023/2/09 | 6.12 | 5.25 |
| 2023/2/02 | 6.09 | 5.14 |
| 2023/1/26 | 6.13 | 5.17 |
| 2023/1/19 | 6.15 | 5.28 |
| 2023/1/12 | 6.33 | 5.52 |
| 2023/1/05 | 6.48 | 5.73 |
| 2022/12/29 | 6.42 | 5.68 |
| 2022/12/22 | 6.27 | 5.69 |
| 2022/12/15 | 6.31 | 5.54 |
Table 2. Averaged Rates by Month.
| Month | 30-Yr, % | 15-Yr, % |
| May 2023 | 6.43 | 5.81 |
| April 2023 | 6.34 | 5.66 |
| March 2023 | 6.54 | 5.80 |
| February 2023 | 6.26 | 5.42 |
| January 2023 | 6.27 | 5.43 |
| December 2022 | 6.36 | 5.67 |
| November 2022 | 6.81 | 6.09 |
| October 2022 | 6.90 | 6.15 |
| September 2022 | 6.11 | 5.35 |
| August 2022 | 5.22 | 4.56 |
| July 2022 | 5.41 | 4.61 |
| June 2022 | 5.52 | 4.65 |
| May 2022 | 5.23 | 4.44 |
| April 2022 | 4.98 | 4.22 |
| March 2022 | 4.17 | 3.39 |
| February 2022 | 3.76 | 3.00 |
| January 2022 | 3.45 | 2.66 |
| December 2021 | 3.10 | 2.35 |
| November 2021 | 3.07 | 2.36 |
| October 2021 | 3.07 | 2.31 |
| September 2021 | 2.90 | 2.18 |
| August 2021 | 2.84 | 2.15 |
| July 2021 | 2.87 | 2.18 |
| June 2021 | 2.98 | 2.27 |
Mortgage interest rates in February 2023.
Averaged 30-year mortgage interest rate at 6.26%. Averaged 15-year mortgage rate at 5.42%.
Mortgage interest rates in January 2023.
Averaged 30-year mortgage interest rate at 6.27%. Averaged 15-year mortgage rate at 5.43%.
Mortgage Rates Predictions 2023, 2024-2026.
LIBOR Forecast 2023, 2024, 2025.
Mortgage interest rates in December 2022.
Averaged 30-year mortgage interest rate at 6.36%. Averaged 15-year mortgage rate at 5.67%.
Mortgage interest rates in November 2022.
Averaged 30-year mortgage interest rate at 6.81%. Averaged 15-year mortgage rate at 6.09%.
Mortgage interest rates in October 2022.
Averaged 30-year mortgage interest rate at 6.90%. Averaged 15-year mortgage rate at 6.15%.
Mortgage interest rates in September 2022.
Averaged 30-year mortgage interest rate at 6.11%. Averaged 15-year mortgage rate at 5.35%.
Mortgage interest rates in August 2022.
Averaged 30-year mortgage interest rate at 5.22%. Averaged 15-year mortgage rate at 4.56%.
Mortgage interest rates in July 2022.
Averaged 30-year mortgage interest rate at 5.41%. Averaged 15-year mortgage rate at 4.61%.
Mortgage interest rates in June 2022.
Averaged 30-year mortgage interest rate at 5.52%. Averaged 15-year mortgage rate at 4.65%.
Gold Price Forecast 2023, 2024-2026.
S&P 500 Forecast 2023, 2024, 2025.
Mortgage interest rates in May 2022.
Averaged 30-year mortgage interest rate at 5.23%. Averaged 15-year mortgage rate at 4.44%.
Mortgage interest rates in April 2022.
Averaged 30-year mortgage interest rate at 4.98%. Averaged 15-year mortgage rate at 4.22%.
Mortgage interest rates in March 2022.
Averaged 30-year mortgage interest rate at 4.17%. Averaged 15-year mortgage rate at 3.39%.
Mortgage interest rates in February 2022.
Averaged 30-year mortgage interest rate at 3.76%. Averaged 15-year mortgage rate at 3.00%.
Mortgage interest rates in January 2022.
Averaged 30-year mortgage interest rate at 3.45%. Averaged 15-year mortgage rate at 2.66%.
Mortgage interest rates in December 2021.
Averaged 30-year mortgage interest rate at 3.10%. Averaged 15-year mortgage rate at 2.35%.
Mortgage interest rates in November 2021.
Averaged 30-year mortgage interest rate at 3.07%. Averaged 15-year mortgage rate at 2.36%.
Mortgage interest rates in October 2021.
Averaged 30-year mortgage interest rate at 3.07%. Averaged 15-year mortgage rate at 2.31%.
Mortgage interest rates in September 2021.
Averaged 30-year mortgage interest rate at 2.90%. Averaged 15-year mortgage rate at 2.18%.
Mortgage interest rates in August 2021.
Averaged 30-year mortgage interest rate at 2.84%. Averaged 15-year mortgage rate at 2.15%.
Mortgage interest rates in July 2021.
Averaged 30-year mortgage interest rate at 2.87%. Averaged 15-year mortgage rate at 2.18%.
Mortgage interest rates in June 2021.
Averaged 30-year mortgage interest rate at 2.98%. Averaged 15-year mortgage rate at 2.27%.
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