Yearly Average Mortgage Rates
A chart of 30-year mortgage rates for the last 25 years shows rates near 10 percent in the mid 1980s and hovering around 5 percent in 2010. Although the trend has been down, there have been extended periods when mortgage rates were increasing. The Freddie Mac website provides a historical listing of mortgage rates going back to 1971 through 2010.
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The 1970s
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In the early 1970s the average mortgage rate was about 7.5 percent. 1972 was the low year for the decade, with an average rate at 7.38 percent. Rates in the rest of the 70s stayed in a range of 8 to 9 percent until 1978. The average 30-year mortgage rate jumped above 10 percent in November 1978 and the average for the year was 9.64 percent. In 1979, the average mortgage rate was 11.20 percent.
The 1980s
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The 1980s saw double-digit mortgage rates. In 1980, the average rate was 13.74 percent. It got worse, as 1981 and 1982 saw average rates of 16.63 and 16.04 percent, respectively. Mortgage rate averaged in the 12 to 13 percent range for the next few years and then continued lower. 1986-1989 saw average annual mortgage rate stay in a tight range of 10.2 to 10.3 percent.
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The 1990s
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Starting at 10.13 percent in 1990, the average mortgage rate dropped by about one percent a year to 7.31 percent in 1993. The average rate in 1994 was 8.38 percent, followed by three years with rates in a range of 7.6 to 7.8 percent. In 1998, the rate dropped to just under 7 percent before increasing back to 7.44 percent in 1999.
The New Century
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In 2000, the average mortgage rate popped up to 8.05 percent and then dropped to 6.94 percent in 2001. Rates fell below 6 percent in 2003 and stayed near 5.8 percent through 2005. The rates for 2006, 2008 and 2008 were 6.41 percent, 6.34 percent and 6.03 percent. In 2009, the full effects of the housing crash hit the economy and the average mortgage rate was 5.04 percent. Rates continued to decline and averaged 4.69 percent in 2010.
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