See how mortgage rates change over time

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There has been a lot of discussion about the housing market slowdown in recent months. Rising interest rates – along with rising home prices and declining consumer confidence amid a looming recession – have potential homeowners second-guessing that their next big purchase.

While these are all valid factors, consumers worried about higher interest rates may benefit from putting their prices in a larger context. Rates have certainly gone up since the days of the pandemic over the past two years, but they are still relatively low historically. Mortgage rates rose to 18% in the 1980s, well above current rates.

Just take a look at this graph from the St. Louis Federal Reserve to see how mortgage rates are rising today versus rates in the past. The chart shows the popular 30-year flat rate mortgage from 1971 to the present day, and identifies when a recession occurred as well, which is generally associated with higher interest rates.

The average 30-year fixed rate mortgage in the US

Federal Reserve in St. Louis

Looking at the last second quarter GDP, or GDP, data indicating a technical “recession”, it will be interesting to see how mortgage rates react. We can look at this graph as the weeks unfold to see how rates are changing and compare to other recessions from previous years. For example, the 2008 recession saw the 30-year mortgage peak at 6.63%. The current 30-year rate, as of this writing, is 5.30% but we’ll see how recession fears affect that.

While the best mortgage rate is really the lowest you can get, you can get more context for how low or high your ratings are when looking at a chart from the St. Louis Federal Reserve.

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Mortgage Lenders That Help You Get a Lower Rate

A lot of the mortgage rate depends on personal factors like where you live, your credit score, and how much you expect to put down as a down payment, as well as the type, duration, and amount of the mortgage. However, some mortgage lenders are known to help homebuyers get the lowest rate possible.

For example, SoFi offers a 0.25% discount when you maintain the 30-year rate of a conventional loan, while another special gives customers up to $9,500 cash when they purchase a home through the SoFi Real Estate Center, which is operated by Home Can SoFi members. They also get a $500 discount on their mortgage loans.


  • Annual Percentage Rate (APR)

    Apply online for custom pricing; Fixed rate and adjustable rate mortgages included

  • Types of loans

    Conventional Loans, Huge Loans, HELOCs

  • Conditions

  • Credit required

  • Minimum Down Payment

Working with a lender who offers shorter loan terms, such as 15-year loans, can help you score a lower rate since this usually depends on your level of risk. If you pay off your loan faster — which usually requires a higher monthly principal due to the shorter term — you can be rewarded with a lower interest rate because your diminishing balance shows you’re less risky when it comes to default. is loaned.

Rocket Mortgage offers loan repayment terms of up to eight years. However, keep in mind that applying for a mortgage with a lower credit score, which Rocket Mortgage allows, will likely mean that you will receive an interest rate on the higher end of the lender’s APR range regardless of the loan term you choose.

missile mortgage

  • Annual Percentage Rate (APR)

    Apply online for custom pricing

  • Types of loans

    Conventional loans, FHA loans, VA loans, and jumbo loans

  • Conditions

    8 – 29 years, including 15 years and 30 years

  • Credit required

    It normally requires a 620 credit score but will consider applicants with a 580 credit score as long as other eligibility criteria are met.

  • Minimum Down Payment

    3.5% if you go ahead with an FHA loan

Editorial note: The opinions, analyses, reviews or recommendations in this article are those of the selected editorial board alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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