What the 30-year mortgage rate measures
The average interest rate on a 30-year fixed-rate mortgage for a borrower with a strong credit score and a 20% down payment, from Freddie Mac’s Primary Mortgage Market Survey. Freddie Mac publishes it every Thursday; since November 2022 it has been based on applications submitted to its underwriting system by thousands of lenders. The chart shows the monthly average of the weekly readings. Rates actually quoted to a borrower can be higher or lower depending on credit score, down payment, loan size and points paid.
How to read this chart
Mortgage rates track the 10-year Treasury yield far more closely than the Fed’s overnight rate, because most 30-year loans are repaid or refinanced within about ten years. The gap between the two, usually 1.5 to 2 points, widens when investors in mortgage bonds demand more compensation for risk. The long decline from the 1981 peak to the 2021 low reflects four decades of falling inflation; the jump in 2022 was the fastest rise since the early 1980s.
The latest reading in context
- At 7.33%, the latest reading is above its 5-year average of 6.27% and above its 10-year average of 5.01%.
- Of all 667 monthly readings since April 1971, 51% were lower than today’s and 49% were higher.
- Direction: up 0.47 points over the past month; up 1.00 points over the past six months; up 1.08 points over the past year.
- The highest value on record is 18.45% (October 1981, 45 years ago); the lowest is 2.68% (December 2020, 6 years ago).
- The full history spans 7 US recessions, shaded grey on the chart.
Why it matters
For most households the mortgage rate decides how much house they can afford. On a $400,000 loan, each percentage point adds roughly $250 to $300 to the monthly payment. Rates also shape the whole housing market: when they rise sharply, owners with cheap fixed-rate loans stop moving, the supply of homes for sale shrinks, and sales and construction slow.
What moves the 30-year mortgage rate
- The 10-year Treasury yield and expectations for inflation
- Federal Reserve policy, directly through short rates and indirectly through its holdings of mortgage-backed securities
- The spread investors demand on mortgage bonds, which widens in volatile markets
- Lender capacity and competition: spreads widen when lenders are swamped with applications
Key moments in its history
- Oct 1981Peaked above 18% as the Fed fought double-digit inflation.
- 1990sSettled around 7% to 8% for most of the decade.
- Jan 2021Hit a record low near 2.7% after pandemic rate cuts and Fed bond buying.
- 2022Rose from about 3% to above 7% in ten months, the fastest climb in four decades.
- Oct 2023Reached about 7.8%, the highest level since 2000.
30-Year Mortgage Rate data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | 5.40% | 7.62% | 2.68% |
| 2010s | 4.09% | 5.10% | 3.35% |
| 2000s | 6.29% | 8.52% | 4.81% |
| 1990s | 8.12% | 10.48% | 6.71% |
| 1980s | 12.71% | 18.45% | 9.04% |
| 1970s | 8.90% | 12.90% | 7.29% |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Oct 2026 | 7.33% | +0.47 pts |
| Sep 2026 | 6.86% | +0.19 pts |
| Aug 2026 | 6.67% | +0.13 pts |
| Jul 2026 | 6.54% | +0.05 pts |
| Jun 2026 | 6.49% | +0.05 pts |
| May 2026 | 6.44% | +0.11 pts |
| Apr 2026 | 6.33% | +0.15 pts |
| Mar 2026 | 6.18% | +0.13 pts |
| Feb 2026 | 6.05% | −0.05 pts |
| Jan 2026 | 6.10% | −0.09 pts |
| Dec 2025 | 6.19% | −0.05 pts |
| Nov 2025 | 6.24% | −0.01 pts |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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30-Year Mortgage Rate: questions and answers
Why didn't mortgage rates fall when the Fed cut rates?
Because 30-year mortgages are priced off long-term yields, mainly the 10-year Treasury. If investors expect inflation or heavy government borrowing to persist, long yields and mortgage rates can stay high or even rise while the Fed cuts its short-term rate.
What is a normal mortgage rate?
Since 1971 the average has been close to 7.5%, but that includes the very high rates of the late 1970s and 1980s. From 2009 to 2021 rates mostly stayed between 3% and 5%, which is why many buyers came to see that range as normal.
How often is the mortgage rate updated?
Freddie Mac releases its survey every Thursday at noon Eastern time. This chart averages the weekly figures for each month, so the current month changes as new weeks arrive.
Is this data public domain?
No. The Primary Mortgage Market Survey is published by Freddie Mac, which allows the figures to be reused with attribution. Every copy of this chart credits Freddie Mac as the source.
Where does the data on this chart come from?
From Freddie Mac. ChartWidgets downloads the series (MORTGAGE30US) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 1, 2026.