Mortgage rate is an important topic for many home buyers and also for those looking to refinance their property. Many are keeping a close eye on the trajectory of interest rates as they plan their real estate purchase.

Freddie Mac started recording mortgage rates in the US in 1971. The median 30-year mortgage rate is 7.41% since the April 1971 according to an article from US News & Reports. The fluctuations from historic highs and historic lows during this period has been dramatic. According to Bankrate’s recent article, “Historical mortgage rate trends can give you a sense of how economic conditions influence the rates available on the market today. From the 1970s to present, mortgage rates have fluctuated up and down. Overall, the annual average 30-year mortgage rate has trended downward since 1972, according to Freddie Mac’s Primary Mortgage Market Survey.”

To learn more about historical mortgage rates over time, we highlighted a few articles that would be helpful to understand:

  • what have the mortgage rates been historically?
  • what factors effect mortgage interest rates for homebuyers?
  • what factors effect mortgage interest rates for home refinancing?

The articles are:

Bankrate’s Current and historical mortgage rate trends: 1970s to 2023

US News & Reports’ Historical Mortgage Rates: See Averages and Trends by Decade