Mortgage rate history: 1972 to 2026

Key takeaways

• As of July 9, 2026, the average rate for a 30-year, fixed loan was 6.49% — up from the beginning of the year, and only a touch lower than the 2025 average of 6.66%.

• Over the past four decades, the 30-year fixed rate ranged from a 2021 low of 2.65% to a 1981 high above 18%.

• The average 30-year fixed rate bottomed in 2021 at just under 3%.

• 87% of all borrowers in 2025 paid more than the most competitive rate available to them, according to Bankrate’s Hidden Homeownership Tax research — meaning rate history matters less to your bill than whether you actually shopped your own rate.

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 July 9.

  Year	30-year fixed-rate average
  2026	6.28%
  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

As of July 14, 2026, the average 30-year fixed mortgage rate is 6.64%, per Bankrate’s lender survey. Freddie Mac’s Primary Mortgage Market Survey, a separate weekly benchmark based on conforming purchase loans with 20% down and strong credit, put the 30-year fixed average at 6.49% as of July 9, 2026 — up from 6.43% the week before and down from 6.72% a year earlier.

Rates fell through most of the first two months of 2026, bottoming at a 2026 low of 6.01% on Feb. 19 — the lowest weekly average since September 2022. They’ve climbed back into the mid-6% range since, as persistent inflation and Treasury yields have kept upward pressure on mortgage pricing.

You don’t have to accept the first rate you’re quoted.

In 2025, the typical borrower overpaid by $278 a month — $3,343 a year — simply by not comparing enough lenders, according to Bankrate’s Hidden Homeownership Tax research. You can’t control the Fed, oil prices or Treasury yields, but you can control how many lenders you compare — and that’s the part most borrowers skip.

Learn more: Mortgage rate variability index

2020s mortgage rate trends

Entering 2020, the 30-year fixed-rate mortgage was already below 4%. Then the COVID-19 pandemic pushed it to a weekly low of 2.65% in January 2021 — the lowest rate on record.

In 2022, the Federal Reserve began raising its benchmark interest rate to fight inflation, and mortgage rates rose sharply alongside it. By October 2023, the 30-year mortgage rate broke through 8% for the first time since 2000.

Rates stayed in the 6s and 7s through most of 2024. The Fed cut its benchmark rate three times in late 2024 and three more times in 2025, but mortgage rates didn’t fall in lockstep — they drifted down over the course of 2025, closing the year averaging 6.66%.

Rates kept falling into early 2026 until the conflict with Iran disrupted oil markets in February, which analysts tied to a jump in 10-year Treasury yields — and mortgage rates followed.

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 the time, the Federal Reserve implemented quantitative easing, buying mortgage-backed securities 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

The median U.S. home price rose from $63,700 in 1980 to $123,900 by 1990, according to the Department of Housing and Urban Development (HUD). Mortgage rates peaked at 18.4% in October 1981 alone as the Federal Reserve fought runaway inflation — though the full 1981 annual average came in lower, at 16.64%, since rates were lower for the rest of the year. Once inflation cooled, rates eased into 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.

Is buying right for you at today’s rates?

If your monthly payment at today’s average rate fits your budget with room for property tax and insurance increases, buy now — home prices have historically risen faster than rates have fallen, so waiting rarely pays off. If the payment only works at a rate meaningfully below where the market sits today, hold off and spend that time raising your credit score above 740 and building a 20% down payment — both will do more for your rate than guessing when the Fed moves next. Estimate your monthly payment with Bankrate’s mortgage calculator.

Learn more: How mortgage rates are determined

Is refinancing right for you at today’s rates?

If you can cut your rate by at least 0.75 to 1.0 percentage points and you plan to stay in the home for five or more years, refinancing is usually worth the cost. If you’re planning to sell within the next two to three years, run the break-even math first — it may not pay off.

Here’s the math: Closing costs on a refinance typically run 2% to 5% of the loan amount. On a $300,000 balance, that’s $6,000 to $15,000 upfront. If cutting your rate saves you $300 a month, a $11,000 closing cost takes about 37 months — just over three years — to break even. Stay past that point and you come out ahead; sell or refinance again before it, and you lose money on the deal.

78.7% of refinance borrowers overpaid on their new rate in 2025, according to Bankrate’s Hidden Homeownership Tax research. Compare current refinance rates from at least three lenders to find the best offer for you.

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 major global events, but you can control 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.