Historic 30 year Rate Chart

Feeling like you missed the boat?

Although the 30 year fixed rate mortgage interest rate has been rising lately, it is still comparatively low.  The chart below shows that during the last 30 years, 2020 and 2021 were an anomaly, a fortuitous one for those who obtained loans or refinanced during those years.

The chart actually makes today’s rates look rather tame but if you are too young to remember…

Interest rates reached their highest point in modern history in 1981 when the annual average was 16.63%. The rate declined from there, yet still finished the decade around 10%. The 1980s were an expensive time to borrow money.

In the 1990s, inflation started to calm down a little bit. The average mortgage rate in 1990 was 10.13%, but it slowly fell, finally dipping below 7% to come in at 6.94% in 1998.

I little perspective might be what is needed to feel grateful for today’s mortgage climate.