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 the next two years. In the early 1990s, the rate on a 15-year fixed rate mortgage was between six and nine percent. The rate then fell to 2.27 percent in 2021. After the Federal Reserve introduced several bank rate hikes to tackle the rising inflation, the mortgage rate soared to 6.11 percent - the highest rate observed since 2008. The rate for 30-year fixed mortgages and five-year ARM mortgages followed a similar trend.
Rates on 15-year fixed rate mortgage in the United States from 1992 to 2023
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St. Louis Fed. (March 15, 2024). Rates on 15-year fixed rate mortgage in the United States from 1992 to 2023 [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/187656/rates-on-conventional-15-year-fixed-mortgages-in-the-us/
St. Louis Fed. "Rates on 15-year fixed rate mortgage in the United States from 1992 to 2023." Chart. March 15, 2024. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/187656/rates-on-conventional-15-year-fixed-mortgages-in-the-us/
St. Louis Fed. (2024). Rates on 15-year fixed rate mortgage in the United States from 1992 to 2023. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/187656/rates-on-conventional-15-year-fixed-mortgages-in-the-us/
St. Louis Fed. "Rates on 15-year Fixed Rate Mortgage in The United States from 1992 to 2023." Statista, Statista Inc., 15 Mar 2024, https://www.statista.com/statistics/187656/rates-on-conventional-15-year-fixed-mortgages-in-the-us/
St. Louis Fed, Rates on 15-year fixed rate mortgage in the United States from 1992 to 2023 Statista, https://www.statista.com/statistics/187656/rates-on-conventional-15-year-fixed-mortgages-in-the-us/ (last visited November 22, 2024)
Rates on 15-year fixed rate mortgage in the United States from 1992 to 2023 [Graph], St. Louis Fed, March 15, 2024. [Online]. Available: https://www.statista.com/statistics/187656/rates-on-conventional-15-year-fixed-mortgages-in-the-us/
