Rates on 15-year fixed rate mortgage in the U.S. 1992-2022

The rate on 15-year fixed rate mortgages in the United States decreased in the period after the Great Recession and reached its lowest level in 2021, followed by a steep increase in 2022. In the early 1990s, the rate on 15-year fixed rate mortgage was between six and nine percent. In 2021, the rate fell to 2.27 percent. In 2022, the Federal Reserve introduced several bank rate hikes to tackle the rising inflation, resulting in mortgage rates surging to 4.48 percent - the highest rate observed since 2008. The rate for 30-year fixed mortgages and five-year ARM mortgages followed a similar trend.