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Rates on 30-year conventional mortgage in the U.S. 1975-2019

The average annual rate on a 30-year fixed-rate mortgage in the United States was 3.94 percent in 2019. In 2019, the mortgage rate fell from a monthly average of 4.46 percent in January to 3.72 percent in December.

U.S. home prices going through the roof

Mortgage rates are lowered as a way of stimulating growth in the housing market – the lower the rate, the lower the loan repayment. The rate on a 30-year fixed-rate mortgage has increased over the last couple of years, and this has slowed home sales in the United States. Another problem consumers face is the fact that house prices are rising at an unaffordable level. The median sales price of a new home sold in the United States reached 326,400 U.S. dollars in 2018 – an increase of nearly 50 percent since 2010. Over the same period, the median weekly earnings of a full-time employee have increased by around 18 percent.

What are the differences between 15-year and 30-year mortgages?

Two of the most popular loan terms available to homebuyers are the 15-year fixed-rate mortgage and the 30-year fixed-rate mortgage. The 30-year option appeals to more consumers because the repayment is spread out over 30 years, meaning the monthly payments are lower. Consumers choosing the 15-year option will have to pay higher monthly payments but benefit from lower interest rates. In 2019, the average annual rate on a 15-year fixed-rate mortgage in the United States was 3.19 percent, which was 0.75 percent lower than the 30-year option.

Rates on 30-year conventional mortgage in the United States from 1975 to 2019

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Source

Release date

February 2020

Region

United States

Survey time period

1975 to 2019

Special properties

End of year data

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Statistics on "Mortgage industry of the United States"

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