![]() ![]() Throughout the first half of 2023, the average 30-year fixed mortgage rate has been fluctuating within the range of 6% to 7%. ![]() ![]() According to Freddie Mac’s records, the average 30-year rate jumped from 3.22% in January to a high of 7.08% at the end of October. With inflation running ultra-hot, mortgage interest rates surged to their highest levels since 2002. Emergency actions by the Federal Reserve helped to push mortgage rates below 3% and keep them there. Mortgage interest rates fell to record lows in 20 during the Covid pandemic. So rather than looking only at average rates, check your personalized rates to see what you qualify for. Borrowers with healthy credit profiles and strong finances often get mortgage rates well below the industry norm. Keep in mind that average mortgage rates are just a benchmark. While the record-low rates of 20 are now a thing of the past, today’s mortgage rates are still relatively low from a historical standpoint. According to Freddie Mac, the average 30-year fixed rate initiated the previous year at a modest 3.22% in January, only to skyrocket to a staggering 7.08% by October.Īs we stepped into 2023, the rollercoaster ride of mortgage rates continued, with fluctuations oscillating between the low- to mid-6% range. 10 min read A look at mortgage rates over timeĮver since the Federal Reserve embarked on its mission to curb inflation in March 2022, mortgage rates have soared at a record-high pace. ![]()
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