Mortgage rate history: 1972 to 2026

As of August 24, 2026, the average 30-year fixed mortgage rate was 6.71%, according to Bankrate's lender survey. Prior to this, the 30-year fixed rate had fluctuated between 2.65% in 2021 and a high of over 18% in 1981. In 2025, 87% of borrowers paid more than the best available rate. The residential mortgage, introduced during the Great Depression in 1934, has been a game changer for homeownership, with only one in ten Americans owning a home before its introduction.

A timeline of the average 30-year fixed mortgage rate shows it ranged from 2.65% in 2021 to 18% in 1981, the latter being the peak due to the Federal Reserve's fight against inflation. Recently, rising oil prices and Treasury yields have kept mortgage rates in the mid-6% range, despite the Federal Reserve's efforts to lower rates.

In the 2010s, the 30-year mortgage rate trended downward, from a high of 18.4% in 1981 to a low of 2.65% in 2021, and then climbed back to 6.66% in 2025. Experts advise homeowners to compare rates with multiple lenders, as not doing so can lead to overpaying by hundreds of dollars annually.