Mortgage rates chart: Historical and current rate trends
A look at mortgage rates over time Mortgage rates rose sharply in 2022, surpassing 7% on Oct. 27 for the first time since 2002. Despite recent increases, 30-year mortgage rates are still below their historical average of nearly 8 percent. Keep in mind that average mortgage rates are just a benchmark. Borrowers with good credit and strong finances often get mortgage rates well below the industry norm. So rather than looking only at average rates, it’s worth taking the time to get a personalized estimate and see what you qualify for. Mortgage rates chart for 2022 Mortgage interest rates fell to record lows in 2020 and 2021 during the Covid pandemic. Emergency actions by the Federal Reserve helped to push mortgage rates below 3% and keep them there. But with inflation surging to four-decade highs, mortgage interest rates rose quickly in 2022. And policy tightening by the Fed could push them higher still. Those who are in a position to lock an interest rate sooner rather than la...