People seem fascinated by mortgage rate trend charts. In a geeky sort of way, they are interesting to examine. We’ve published these charts in 2006 and 2008, and they still get visited every day. Yes, I am now hanging my head in shame for not updating them in almost three years.
As you’ll see below, mortgage rates continue to hover at or near historical lows.
Anyone is welcome to use these charts, all I ask is you keep the information box that is on the chart intact and link back to this post if you use them on a web page.
Enjoy!
This chart shows the monthly average interest rate for 30 year fixed rate mortgage loans from April 1971 through May 2011:
This chart shows the monthly average interest rate for 15 year fixed rate mortgage loans from September 1991 through May 2011:
This chart shows the monthly average interest rate for 5 year Adjustable Rate Mortgage loans from January 2005 through May 2011:
This chart shows the monthly average interest rate for 1 Adjustable Rate Mortgage loans from January 1984 through May 2011:
All data was supplied by Freddie Mac’s Primary Mortgage Market Survey Archives and is believed to be accurate but is not guaranteed.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
I think the rates will eventually fly out of control. We use to have limited lenders, and high rates, and then we went with a zillion lenders and low rates. We have been held low for many reasons, but at some point my guess it will fly out of control with limited lenders.
It would be interesting to see a comparison to other countries…the picture there is very different and will eventually have an influence on us as well.
I’m guessing most countries in Western Europe have much tighter banking and lending regulations than the US, meaning we won’t see as many highs and lows in their mortgage rate graphs. Off the top of my head, only Ireland and Spain have had their housing markets collapse in recent times ”“ the rest have remained fairly stable.
I absolutely agree–it would be very interesting to see how the United States compares to other countries. With that being said, I love that these graphs go back into the 1980s as well instead of just comparing everything to 2006 like most other posts.
Though no one can really predict what is up and coming in the future-these charts are a great representation of what has happened, and what we can prepare for. The question is-since we are at an all-time low, will the rates stabilize, start to increase, or dip even lower? I think the best hope we can have is that rates will stabilize and allow some forward progress in this ever-changing market. We’ve started to see a little bit here in Boise Real Estate.
I’m gonna date myself here, but I remember back in the 1980’s when loan officers would come around to the real estate offices with cut-and-paste (literally) rate sheets. The brighter the colored paper it was printed on the better, and there was always a “glamour shot” of the loan officer in the corner.
I remember one flyer in particular, when rates broke 10% for a very short period. It stated we’d better get our clients locked in immediately, or cost them the last chance they may ever have to get a rate in the single digits.
These days, I tell younger buyers that they’ve got it good. Buying a home in the 80’s was like charging it on a Mastercard. Yes, most of them just roll their eyes. But I do feel bad for them. They will never get to know how good Peter Frampton sounded on an 8 Track tape.
hmmm… so where do we go from here. Is it set for a massive spike. I would imagine it can’t follow this downward trend for much longer. Money has to cost something. As the feds face looming hyperinflation it will be interesting to see how they combat it.
According to Freddie Mac, conforming mortgage rates are down for the 8th straight week. I believe that rates may actually fall further as Greece continues to sag in the credit rating market US Mortgage bonds should get a boost which would in turn drive mortgage rates down. Similar to what happened in last years refi boom.
Even with everything that has gone on in the last 2-3 years the rates are still trending downwards, which is a positive sign for the future of the housing industry.
We won’t really know what interest rates are or where they should be until the free market is allowed to reign. Thanks for the at a glance look at rates.
I’m using your charts in a post later this week. Any chance I could talk you into putting together a jumbo rate chart?
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Refinancing Home Loan
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