Mortgage Rates: Yesterday, Today And Into 2018

Dear Friends,

As a mortgage lender, one comparison I like to make heading into a new year is to look back at where our rates had been throughout the year, and compare to where they are presently. I typically make my own personal forecast on where I think rates are headed for the coming year.  Below is a revealing graph and chart depicting how mortgage rates have changed over the past 45+ years.

Mortgage Rate History: 1971 to Today

Home buyers who have recently borrowed a fixed-rate mortgage have benefited from interest rates at historical lows. After reaching a high of nearly 19% in 1981, mortgage rates have had a steady decline and remained in the low single digits. Since the housing crisis in 2008, rates have consistently remained under 6%, with a rate on a 30-year fixed-rate mortgage bottoming out at 3.31% in November 2012.

Historical Mortgage Rates: Averages and Trends from the 1970s to 2017

Over the past 45 years, interest rates on a 30-year fixed-rate mortgage have ranged from as high as 18.63% in 1981 to as low as 3.31% in 2012. Rates today remain at historical lows, with over 60% of mortgage holders paying rates between 3.00% and 4.90% as of 2015. We used interest rate data from Freddie Mac’s Primary Mortgage Market Survey (PMMS) to examine historical mortgage rates and the factors that have impacted their downward trend.

Year
Lowest Rate
 Highest Rate
Average Rate
2017 3.89% 4.30% 4.10%
2016 3.41% 4.32% 3.65%
2015 3.59% 4.09% 3.85%
2014 3.80% 4.53% 4.17%
2013 3.34% 4.58% 3.98%
2012 3.31% 4.08% 3.66%
2011 3.91% 5.05% 4.45%
2010 4.17% 5.21% 4.69%
2009 4.71% 5.59% 5.04%
2008 5.10% 6.63% 6.03%
2007 5.96% 6.74% 6.34%
2006 6.10% 6.80% 6.41%
2005 5.53% 6.37% 5.87%
2004 5.38% 6.34% 5.84%
2003 5.21% 6.44% 5.83%
2002 5.93% 7.18% 6.54%
2001 6.45% 7.24% 6.97%
2000 7.13% 8.64% 8.05%
1999 6.74% 8.15% 7.44%
1998 6.49% 7.22% 6.94%
1997 6.99% 8.18% 7.60%
1996 6.94% 8.42% 7.81%
1995 7.11% 9.22% 7.93%
1994 6.97% 9.25% 8.38%
1993 6.74% 8.07% 7.31%
1992 7.84% 9.03% 8.39%
1991 8.35% 9.75% 9.25%
1990 9.56% 10.67% 10.13%
1989 9.68% 11.22% 10.32%
1988 9.84% 10.77% 10.34%
1987 9.03% 11.58% 10.21%
1986 9.29% 10.99% 10.19%
1985 11.09% 13.29% 12.43%
1984 13.14% 14.68% 13.88%
1983 12.55% 13.89% 13.24%
1982 13.57% 17.66% 16.04%
1981 14.80% 18.63% 16.64%
1980 12.18% 16.35% 13.74%
1979 10.38% 12.90% 11.20%
1978 8.98% 10.38% 9.64%
1977 8.65% 9.00% 8.85%
1976 8.70% 9.10% 8.87%
1975 8.80% 9.60% 9.05%
1974 8.40% 10.03% 9.19%
1973 7.43% 8.85% 8.04%
1972 7.23% 7.46% 7.38%
1971 7.29% 7.73% 7.54%
Overall 3.31% 18.63% 8.21%

Note that 2017 rates reflect Fannie Mae PMMS data through June 8, 2017.
(source: ValuePenguin.com – http://bit.ly/2BIoSor)

For the history of many key interest rates:

Click Here

For Further Reading on the where interest rates may be headed for 2018, see articles below:

Also, if you know of someone who is looking to get into the housing market this coming year, please pass my name along. we will be working and on call through this holiday season. We greatly appreciate your referrals as our source of business! Thank you for everything, happy holidays to you and yours.

Mortgage Lender, Bob Hein

616.292.6703

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