Historical Mortgage Rates Since 1971
Every weekly 30-year fixed mortgage rate from Freddie Mac's survey since April 1971 and 15-year rate since August 1991, with averages by year and decade, payment comparisons, the rate on any date, what a typical new home cost to finance each year, how mortgage rates track Treasury yields and the Fed and rates under every president. Updated automatically each week.
01Mortgage Rates, Week by Week
Freddie Mac's weekly national average rates on 30-year and 15-year fixed mortgages. Pick a period, hover for any week, and download the full weekly history.
Source: Freddie Mac Primary Mortgage Market Survey. The 15-year series starts in August 1991. Last updated November 5, 2026.
02Mortgage Rates by Year
The average, high and low 30-year rate in every year, the 15-year average, the change from the year before and the monthly principal and interest on each $100,000 borrowed for 30 years at that year's average rate.
| Year | 30-year average | High | Low | 15-year average | Change | Payment per $100,000 |
|---|---|---|---|---|---|---|
| 2026 (to date) | 6.53% | 7.40% | 5.98% | 5.88% | -0.06 | $634 |
| 2025 | 6.60% | 7.04% | 6.15% | 5.78% | -0.13 | $638 |
| 2024 | 6.72% | 7.22% | 6.08% | 5.96% | -0.09 | $647 |
| 2023 | 6.81% | 7.79% | 6.09% | 6.11% | +1.46 | $652 |
| 2022 | 5.34% | 7.08% | 3.22% | 4.58% | +2.39 | $558 |
| 2021 | 2.96% | 3.18% | 2.65% | 2.27% | -0.15 | $419 |
| 2020 | 3.11% | 3.72% | 2.66% | 2.60% | -0.82 | $428 |
| 2019 | 3.94% | 4.51% | 3.49% | 3.39% | -0.61 | $474 |
| 2018 | 4.54% | 4.94% | 3.95% | 4.00% | +0.55 | $509 |
| 2017 | 3.99% | 4.30% | 3.78% | 3.27% | +0.34 | $477 |
| 2016 | 3.65% | 4.32% | 3.41% | 2.93% | -0.20 | $458 |
| 2015 | 3.85% | 4.09% | 3.59% | 3.09% | -0.32 | $469 |
| 2014 | 4.17% | 4.53% | 3.80% | 3.29% | +0.19 | $487 |
| 2013 | 3.98% | 4.58% | 3.34% | 3.10% | +0.32 | $476 |
| 2012 | 3.66% | 4.08% | 3.31% | 2.93% | -0.79 | $458 |
| 2011 | 4.45% | 5.05% | 3.91% | 3.68% | -0.24 | $504 |
| 2010 | 4.69% | 5.21% | 4.17% | 4.10% | -0.35 | $518 |
| 2009 | 5.04% | 5.59% | 4.71% | 4.57% | -0.99 | $539 |
| 2008 | 6.03% | 6.63% | 5.10% | 5.62% | -0.31 | $601 |
| 2007 | 6.34% | 6.74% | 5.96% | 6.03% | -0.08 | $621 |
| 2006 | 6.41% | 6.80% | 6.10% | 6.07% | +0.55 | $626 |
| 2005 | 5.87% | 6.37% | 5.53% | 5.42% | +0.03 | $591 |
| 2004 | 5.84% | 6.34% | 5.38% | 5.21% | +0.01 | $589 |
| 2003 | 5.83% | 6.44% | 5.21% | 5.17% | -0.71 | $588 |
| 2002 | 6.54% | 7.18% | 5.93% | 5.98% | -0.43 | $635 |
| 2001 | 6.97% | 7.24% | 6.45% | 6.50% | -1.09 | $663 |
| 2000 | 8.05% | 8.64% | 7.13% | 7.72% | +0.61 | $737 |
| 1999 | 7.44% | 8.15% | 6.74% | 7.06% | +0.50 | $695 |
| 1998 | 6.94% | 7.22% | 6.49% | 6.59% | -0.66 | $661 |
| 1997 | 7.60% | 8.18% | 6.99% | 7.13% | -0.21 | $706 |
| 1996 | 7.81% | 8.42% | 6.94% | 7.32% | -0.13 | $720 |
| 1995 | 7.93% | 9.22% | 7.11% | 7.48% | -0.45 | $729 |
| 1994 | 8.38% | 9.25% | 6.97% | 7.89% | +1.07 | $760 |
| 1993 | 7.31% | 8.07% | 6.74% | 6.82% | -1.08 | $687 |
| 1992 | 8.39% | 9.03% | 7.84% | 7.94% | -0.86 | $761 |
| 1991 | 9.25% | 9.75% | 8.35% | 8.41% | -0.88 | $822 |
| 1990 | 10.13% | 10.67% | 9.56% | - | -0.19 | $887 |
| 1989 | 10.32% | 11.22% | 9.68% | - | -0.02 | $901 |
| 1988 | 10.34% | 10.77% | 9.84% | - | +0.13 | $903 |
| 1987 | 10.21% | 11.58% | 9.03% | - | +0.03 | $893 |
| 1986 | 10.19% | 10.99% | 9.29% | - | -2.24 | $891 |
| 1985 | 12.43% | 13.29% | 11.09% | - | -1.45 | $1,062 |
| 1984 | 13.88% | 14.68% | 13.14% | - | +0.64 | $1,175 |
| 1983 | 13.24% | 13.89% | 12.55% | - | -2.81 | $1,125 |
| 1982 | 16.04% | 17.66% | 13.57% | - | -0.60 | $1,348 |
| 1981 | 16.64% | 18.63% | 14.80% | - | +2.90 | $1,397 |
| 1980 | 13.74% | 16.35% | 12.18% | - | +2.54 | $1,164 |
| 1979 | 11.20% | 12.90% | 10.38% | - | +1.56 | $968 |
| 1978 | 9.64% | 10.38% | 8.98% | - | +0.80 | $851 |
| 1977 | 8.85% | 9.00% | 8.65% | - | -0.02 | $794 |
| 1976 | 8.87% | 9.10% | 8.70% | - | -0.18 | $795 |
| 1975 | 9.05% | 9.60% | 8.80% | - | -0.14 | $808 |
| 1974 | 9.19% | 10.03% | 8.40% | - | +1.14 | $818 |
| 1973 | 8.04% | 8.85% | 7.43% | - | +0.66 | $737 |
| 1972 | 7.38% | 7.46% | 7.23% | - | -0.16 | $691 |
| 1971 (from April) | 7.54% | 7.73% | 7.29% | - | - | $702 |
Change is the difference between that year's average and the year before, in percentage points. Payment is principal and interest only, before property tax, insurance and mortgage insurance.
03Look Up the Rate on Any Date
Enter a date, such as the day you bought your home, to see the average rates that week and what they meant for the payment. The page uses the latest weekly reading on or before the date you enter.
04Mortgage Rates by Decade
| Decade | Average 30-year rate | Highest week | Lowest week | Payment per $100,000 |
|---|---|---|---|---|
| 1970s (from 1971) | 8.90% | 12.90% | 7.23% | $797 |
| 1980s | 12.71% | 18.63% | 9.03% | $1,083 |
| 1990s | 8.12% | 10.67% | 6.49% | $742 |
| 2000s | 6.29% | 8.64% | 4.71% | $618 |
| 2010s | 4.09% | 5.21% | 3.31% | $483 |
| 2020s (to date) | 5.41% | 7.79% | 2.65% | $562 |
05What a Typical New Home Cost to Finance
The rate is only half the story; the price of the house is the other half. This takes the median price of new houses sold each year, assumes 20% down, and works out the monthly principal and interest at that year's average 30-year rate, then compares a year of payments with median household income. By that measure the most expensive year was 1981, at 48.4% of median income, and the least expensive was 2020, at 20.0%.
| Year | Median new-home price | 30-year rate | Monthly payment, 20% down | Median household income, current dollars | Payments as share of income |
|---|---|---|---|---|---|
| 2025 | $417,400 | 6.60% | $2,132 | $87,460 | 29.2% |
| 2024 | $420,300 | 6.72% | $2,174 | $83,160 | 31.4% |
| 2023 | $428,600 | 6.81% | $2,237 | $80,610 | 33.3% |
| 2022 | $434,500 | 5.34% | $1,940 | $74,580 | 31.2% |
| 2021 | $383,500 | 2.96% | $1,286 | $70,780 | 21.8% |
| 2020 | $330,900 | 3.11% | $1,132 | $68,010 | 20.0% |
| 2019 | $321,500 | 3.94% | $1,218 | $68,700 | 21.3% |
| 2018 | $326,400 | 4.54% | $1,330 | $63,180 | 25.3% |
| 2017 | $323,100 | 3.99% | $1,233 | $61,140 | 24.2% |
| 2016 | $307,800 | 3.65% | $1,127 | $59,040 | 22.9% |
| 2015 | $294,200 | 3.85% | $1,103 | $56,520 | 23.4% |
| 2014 | $288,500 | 4.17% | $1,124 | $53,660 | 25.1% |
| 2013 | $268,900 | 3.98% | $1,024 | $53,590 | 22.9% |
| 2012 | $245,200 | 3.66% | $898 | $51,020 | 21.1% |
| 2011 | $227,200 | 4.45% | $915 | $50,050 | 21.9% |
| 2010 | $221,800 | 4.69% | $919 | $49,280 | 22.4% |
| 2009 | $216,700 | 5.04% | $935 | $49,780 | 22.5% |
| 2008 | $232,100 | 6.03% | $1,116 | $50,300 | 26.6% |
| 2007 | $247,900 | 6.34% | $1,232 | $50,230 | 29.4% |
| 2006 | $246,500 | 6.41% | $1,235 | $48,200 | 30.8% |
| 2005 | $240,900 | 5.87% | $1,139 | $46,330 | 29.5% |
| 2004 | $221,000 | 5.84% | $1,042 | $44,330 | 28.2% |
| 2003 | $195,000 | 5.83% | $918 | $43,320 | 25.4% |
| 2002 | $187,600 | 6.54% | $952 | $42,410 | 26.9% |
| 2001 | $175,200 | 6.97% | $929 | $42,230 | 26.4% |
| 2000 | $169,000 | 8.05% | $997 | $41,990 | 28.5% |
| 1999 | $161,000 | 7.44% | $895 | $40,700 | 26.4% |
| 1998 | $152,500 | 6.94% | $807 | $38,890 | 24.9% |
| 1997 | $146,000 | 7.60% | $825 | $37,010 | 26.7% |
| 1996 | $140,000 | 7.81% | $807 | $35,490 | 27.3% |
| 1995 | $133,900 | 7.93% | $781 | $34,080 | 27.5% |
| 1994 | $130,000 | 8.38% | $791 | $32,260 | 29.4% |
| 1993 | $126,500 | 7.31% | $695 | $31,240 | 26.7% |
| 1992 | $121,500 | 8.39% | $740 | $30,640 | 29.0% |
| 1991 | $120,000 | 9.25% | $790 | $30,130 | 31.4% |
| 1990 | $122,900 | 10.13% | $872 | $29,940 | 35.0% |
| 1989 | $120,000 | 10.32% | $865 | $28,910 | 35.9% |
| 1988 | $112,500 | 10.34% | $813 | $27,230 | 35.8% |
| 1987 | $104,500 | 10.21% | $747 | $26,060 | 34.4% |
| 1986 | $92,000 | 10.19% | $656 | $24,900 | 31.6% |
| 1985 | $84,300 | 12.43% | $716 | $23,620 | 36.4% |
| 1984 | $79,900 | 13.88% | $751 | $22,420 | 40.2% |
| 1983 | $75,300 | 13.24% | $677 | $20,890 | 38.9% |
| 1982 | $69,300 | 16.04% | $747 | $20,170 | 44.5% |
| 1981 | $68,900 | 16.64% | $770 | $19,070 | 48.4% |
| 1980 | $64,600 | 13.74% | $602 | $17,710 | 40.8% |
| 1979 | $62,900 | 11.20% | $487 | $16,460 | 35.5% |
| 1978 | $55,700 | 9.64% | $379 | $15,060 | 30.2% |
| 1977 | $48,800 | 8.85% | $310 | $13,570 | 27.4% |
| 1976 | $44,200 | 8.87% | $281 | $12,690 | 26.6% |
| 1975 | $39,300 | 9.05% | $254 | $11,800 | 25.8% |
| 1974 | $35,900 | 9.19% | $235 | $11,200 | 25.2% |
| 1973 | $32,500 | 8.04% | $192 | $10,510 | 21.9% |
This compares a hypothetical purchase of the median-priced new home, financed at the year's average rate, with the median income of all households; it is not the actual payment burden of the typical buyer. Principal and interest only. Existing homes, which make up most sales, are not in this price series. Sources: Census Bureau and HUD, median sales price of new houses sold (price_cust.xlsx); Census Bureau Table H-5, median household income in current dollars (h05.xlsx), published about nine months after each year ends and revised from time to time. Data as downloaded November 7, 2026.
Compare two years
Same assumptions as the table above: each year's average 30-year rate, 20% down on the median new home, and payments compared with median household income in that year's dollars.
06Mortgage Rates, Treasury Yields and the Fed
Monthly averages of the 30-year mortgage rate against the 10-year Treasury yield and the federal funds rate. Mortgage rates follow the 10-year yield closely; the Fed's overnight rate moves on its own schedule. In October 2026 the mortgage rate was 2.20 points above the 10-year yield, against an average of 1.76 points since 1971.
| Decade | Average gap, mortgage rate over 10-year Treasury |
|---|---|
| 1970s | 1.34 points |
| 1980s | 2.11 points |
| 1990s | 1.45 points |
| 2000s | 1.83 points |
| 2010s | 1.69 points |
| 2020s | 2.26 points |
10-year Treasury constant-maturity yield and effective federal funds rate: Federal Reserve Board, H.15 release.
07Mortgage Rates by President
The 30-year rate in the first and last week of each presidency, and the average, high and low in between. Presidents do not set mortgage rates; inflation, the Fed and the bond market do. But the table is a quick way to place a rate in time.
| President | First week | Last week | Change | Average | High | Low |
|---|---|---|---|---|---|---|
| Donald Trump (2025-present) | 6.96% | 7.18% (to date) | +0.22 | 6.55% | 7.40% | 5.98% |
| Joe Biden (2021-2025) | 2.77% | 7.04% | +4.27 | 5.51% | 7.79% | 2.73% |
| Donald Trump (2017-2021) | 4.19% | 2.79% | -1.40 | 3.88% | 4.94% | 2.65% |
| Barack Obama (2009-2017) | 5.12% | 4.09% | -1.03 | 4.18% | 5.59% | 3.31% |
| George W. Bush (2001-2009) | 7.15% | 4.96% | -2.19 | 6.21% | 7.24% | 4.96% |
| Bill Clinton (1993-2001) | 8.00% | 7.02% | -0.98 | 7.68% | 9.25% | 6.49% |
| George H. W. Bush (1989-1993) | 10.71% | 8.04% | -2.67 | 9.49% | 11.22% | 7.84% |
| Ronald Reagan (1981-1989) | 14.85% | 10.81% | -4.04 | 12.85% | 18.63% | 9.03% |
| Jimmy Carter (1977-1981) | 8.73% | 14.85% | +6.12 | 10.94% | 16.35% | 8.65% |
| Gerald Ford (1974-1977) | 9.50% | 8.73% | -0.77 | 9.09% | 10.03% | 8.70% |
| Richard Nixon (1969-1974) * | 7.33% | 9.47% | +2.14 | 7.86% | 9.47% | 7.23% |
* The survey begins in April 1971, partway through the Nixon presidency. Each term runs from the inauguration date to the next.
08Frequently Asked Questions
What was the highest mortgage rate in history?
The highest weekly average in Freddie Mac's survey was 18.63% for a 30-year fixed mortgage, the week of October 9, 1981. The 30-year rate was in double digits for most of the 1980s, after the Federal Reserve under Paul Volcker raised short-term rates to break inflation.
What was the lowest mortgage rate ever?
The lowest was 2.65%, the week of January 7, 2021, after the Federal Reserve cut short-term rates to near zero and bought mortgage bonds during the pandemic. The 30-year rate first went below 4% in the week of October 6, 2011.
What is the average mortgage rate since 1971?
Across every week since April 1971, the 30-year fixed rate has averaged 7.68%. That long-run average is pulled up by the 1970s and 1980s; it was 4.09% in the 2010s.
Why are mortgage rates higher than Treasury yields?
Lenders sell most mortgages to investors as mortgage-backed securities, which compete with Treasury bonds. Investors want extra yield because homeowners can repay or refinance early when rates fall, and because of credit and servicing costs. Since 1971 the 30-year rate has averaged 1.76 percentage points above the 10-year Treasury yield, and the gap widens when markets are stressed or rates are swinging.
Does the Federal Reserve set mortgage rates?
Not directly. The Fed sets the federal funds rate, an overnight rate between banks. Thirty-year mortgage rates follow longer-term bond yields, which reflect where investors expect inflation and short-term rates to go over many years. The two often move together, but mortgage rates can rise while the Fed is cutting, or fall before it cuts.
What do Freddie Mac's rates measure?
They are national weekly averages for conventional, conforming fixed-rate loans to borrowers with strong credit putting 20% down. Until November 2022 they came from a survey of lenders; since then Freddie Mac has used rates on applications submitted to its underwriting system. Through the 1970s and 1980s borrowers also typically paid one to two points or more up front on top of the rate. The rate any one borrower gets depends on credit score, down payment, points, loan size and type.
How much difference does the rate make?
On a $300,000, 30-year loan, the monthly principal and interest is $1,265 at 3%, $1,610 at 5%, $1,996 at 7% and $2,633 at 10%. Use the Mortgage Calculator for your own loan, taxes and insurance, or Rent vs. Buy to compare with renting.
09Sources
- Freddie Mac: Primary Mortgage Market Survey (weekly 30-year and 15-year fixed rates since 1971)
- Federal Reserve Board: H.15 Selected Interest Rates (10-year Treasury constant maturity and effective federal funds rate, monthly)
- Census Bureau and HUD: New Residential Sales (median sales price of new houses sold)
- Census Bureau: Historical Income Tables, Table H-5 (median household income)
Data updated 2026-11-07 20:25 Pacific.
Cite This Page
This page is free to cite and link. Its figures come from Freddie Mac Primary Mortgage Market Survey, Federal Reserve Board H.15 (10-year Treasury and federal funds rate), Census Bureau and HUD (new-home prices) and Census Bureau (household income) and are kept current, so please include the date you accessed it.
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| APA | Manuel, D. (2026). Historical Mortgage Rates Since 1971: Every Week, by Year, Decade and President. DaveManuel.com. Retrieved November 7, 2026, from https://www.davemanuel.com/historical-mortgage-rates.php | Copy |
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Source data: Freddie Mac Primary Mortgage Market Survey, Federal Reserve Board H.15 (10-year Treasury and federal funds rate), Census Bureau and HUD (new-home prices) and Census Bureau (household income). Updates: Weekly. How we build our data pages.