The average rate on a 30-year fixed mortgage surged by 14bps from the previous week to 7.23% as of August 24th, the highest since 2001, as the hawkish outlook for the Federal Reserve underpinned expensive mortgage rates for American consumers. A year ago, the 30-year fixed mortgage rate was at 5.55%. “This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.” source: Freddie Mac

30 Year Mortgage Rate in the United States averaged 7.74 percent from 1971 until 2023, reaching an all time high of 18.63 percent in October of 1981 and a record low of 2.65 percent in January of 2021. This page includes a chart with historical data for the United States 30 Year Mortgage Rate. United States 30-Year Mortgage Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

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United States 30-Year Mortgage Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-08-17 04:00 PM Aug/16 7.09% 6.96%
2023-08-24 04:00 PM Aug/23 7.23% 7.09%
2023-08-31 04:00 PM Aug/30 7.23%


Related Last Previous Unit Reference
Mortgage Rate 7.31 7.31 percent Aug 2023
15 Year Mortgage Rate 6.55 6.46 percent Aug 2023

United States 30-Year Mortgage Rate
The Primary Mortgage Market Survey (PMMS) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.
Actual Previous Highest Lowest Dates Unit Frequency
7.23 7.09 18.63 2.65 1971 - 2023 percent Weekly

News Stream
US Mortgage Rates Rise to 22-Year High
The average rate on a 30-year fixed mortgage surged by 14bps from the previous week to 7.23% as of August 24th, the highest since 2001, as the hawkish outlook for the Federal Reserve underpinned expensive mortgage rates for American consumers. A year ago, the 30-year fixed mortgage rate was at 5.55%. “This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.”
2023-08-24
US Mortgage Rates Rise to 21-Year High
The average rate on a 30-year fixed mortgage jumped by 13bps from the previous week to 7.09%, the highest since 2002, as the hawkish outlook for the Federal Reserve underpinned expensive mortgage rates for American consumers. A year ago, the 30-year fixed mortgage rate was at 5.13%. “The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s Chief Economist. “The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”
2023-08-17
US 30-Year Mortgage Rates Advance to 8-Month High
The average rate on a 30-year fixed mortgage increased by 6bps from the previous week to 6.96% as of August 9th, 2023, to equal the eight-month high touched in the middle of July as hawkish signals from the Federal Reserve underpinned expensive mortgage rates for American consumers. A year ago, the 30-year fixed mortgage rate was at 5.22%. “For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”
2023-08-10