Historic Mortgage Rates

The current mortgage rate environment is one of the most perplexing, yet intriguing, aspects of the real estate market. Can we predict the future mortgage rates? No. Can we predict that there will be changes to the rates in the future? Most likely based on historic trends.

Historically, mortgage rates have been in a state of flux. During the 1970s, rates were relatively low, with the average 30-year mortgage rate hovering around the 8.00% mark. However, in the 1980s, rates began to rise drastically, reaching as high as 18.63% in 1981.

A chart showing the historical 30-year fixed mortgage rates in the United States since 1971 can be seen in the links below. It clearly shows how the rates have risen and fallen over the past several decades. In April 1971, the average rate was 7.76%. This dropped to a record-low 2.65% in January 2021, before rising to the current rate of 6.13% (as of 1/26/2023). [1][2][3]

Need help navigating the mortgage markets? Thinking about Buying, Selling or Investing in Real Estate in the Charlotte and Union County markets? Contact the Collins Real Estate Agency today and we can help!

References:

[1] 30-Year Fixed Rate Mortgage Average in the United States …

[2] 30 Year Fixed Mortgage Rate - Historical Chart - Macrotrends

[3] Mortgage Rates Chart | Historical and Current Rate Trends