Freddie Mac · Primary Mortgage Market Survey

30-Year Fixed Mortgage Rate History, 1971–2024

Annual averages of the 30-year fixed conventional mortgage rate from Freddie Mac's PMMS, 1971 to today. The 50-year span runs from a Volcker peak of 16.63% in 1981 to a pandemic-era trough of 2.96% in 2021.

Source Freddie Mac PMMS Series 30-year fixed conventional Frequency Annual average Range 1971 – 2024

About the Data

Three federal series, one continuous record.

The Primary Mortgage Market Survey has tracked national mortgage rates weekly since 1971. We aggregate to annual averages for comparability with the Census and NAR sales series. Reported rates exclude points and fees.

Notable Cycles

Four genuine peaks, four wholly different recoveries.

Rates spent the 1980s in double digits, fell below 7% only once in 1971 itself and again in 1998, then dropped under 4% for most of 2012–2021 before the Fed's 2022 hiking cycle returned them above 6%. The 2.96% 2021 reading remains a 50-year low.

Definitions

Salesunits, K or M
Pricemedian, current $
Rate30-yr fixed, % APR
SAARCensus
EHSNAR
PMMSFreddie Mac
RecessionNBER monthly