30-Year Fixed Rate: Full History (1971 - 2026)
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About the 30-Year Fixed Rate
The 30-year fixed-rate mortgage is America's most popular home loan, chosen by roughly 90% of homebuyers. It offers predictable monthly payments over the life of the loan, protecting borrowers from interest rate increases regardless of what happens in the broader economy. This stability makes it the preferred choice for families budgeting long-term housing costs.
The trade-off for that predictability is a higher interest rate compared to shorter-term loans such as the 15-year fixed or adjustable-rate mortgages. Over 30 years, borrowers also pay significantly more in total interest. However, the lower monthly payment frees up cash flow for other investments, retirement savings, or everyday expenses.
Freddie Mac has tracked the 30-year fixed rate through its Primary Mortgage Market Survey since April 1971. In that time, the rate has ranged from an all-time high of 18.63% in October 1981 to an all-time low of 2.65% in January 2021. Understanding this historical context helps borrowers evaluate whether today's rates represent a good opportunity to buy or refinance.
Factors That Affect 30-Year Rates
Federal Reserve Policy
The Fed sets the federal funds rate, which indirectly influences mortgage rates. When the Fed raises rates to fight inflation, mortgage rates tend to climb. When it cuts rates to stimulate the economy, mortgage rates often fall.
Inflation & CPI Data
Higher inflation erodes the value of fixed-rate returns, causing lenders to demand higher rates. Monthly Consumer Price Index (CPI) reports are among the most closely watched economic indicators for rate direction.
Employment Reports
Strong jobs data suggests economic growth and potential inflation, pushing rates higher. Weak employment numbers can signal economic slowdown, creating downward pressure on rates.
Bond Market (10-Year Treasury)
The 30-year mortgage rate closely tracks the 10-year Treasury yield. When Treasury yields rise due to investor sentiment or government borrowing, mortgage rates typically follow.
Housing Market Supply
The balance between housing supply and demand affects mortgage rates. Low inventory and high demand can support higher rates, while a housing surplus may push rates down to attract buyers.
Global Economic Events
Geopolitical tensions, international trade policies, and global recessions all influence U.S. mortgage rates. Investors often move capital into safe-haven U.S. bonds during global uncertainty, which can lower rates.
When to Lock Your 30-Year Rate
Mortgage rates change daily -- sometimes multiple times per day -- based on bond market movements and economic data releases. Once you have found a rate that fits your budget and you are under contract on a home, locking your rate protects you from increases during the closing process.
Most lenders offer rate locks ranging from 30 to 60 days, with longer locks sometimes carrying a slightly higher rate. Some lenders also provide float-down options that let you benefit if rates drop after you lock.
Rate Lock Tip
Timing the market is extremely difficult. If a rate works for your budget, locking it in is generally the safer strategy. For a comprehensive guide on rate locks, visit our Rate Lock Guide.
Historical Highlights
30-Year Fixed Rate FAQs
A 30-year fixed mortgage is a home loan with an interest rate that stays the same for the entire 30-year repayment term. Your monthly principal and interest payment never changes, providing predictable budgeting over the life of the loan.
The current average 30-year fixed mortgage rate is updated weekly based on the Freddie Mac Primary Mortgage Market Survey. Check the rate snapshot at the top of this page for the latest figure and week-over-week change.
The 30-year fixed rate is influenced by the 10-year Treasury yield, Federal Reserve monetary policy, inflation expectations, employment data, and overall investor demand for mortgage-backed securities.
Rate timing depends on your financial situation and market outlook. Generally, if you find a rate that fits your budget and you are ready to buy, locking in protects you from potential increases during your closing period.
A 30-year fixed offers lower monthly payments and more cash flow flexibility, while a 15-year fixed builds equity faster and costs less in total interest. The right choice depends on your monthly budget and long-term financial goals.
Yes. Many homeowners refinance from a 30-year to a 15- or 20-year mortgage when rates drop or their income increases. You can also make extra principal payments on a 30-year loan to pay it off sooner without refinancing.
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