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Latest Average US Mortgage Rates

The averages are compiled by Freddie Mac and reported by the Fed every Thursday. The data represents the weighted average conforming loans issued between Monday and Wednesday that week based on survey submissions from lenders nationwide. The latest data is for December 1st, 2022:

Average US Mortgage Rates Since 2009

Average 30y fixed, 15y fixed, and 5/1 ARM mortgage rates since 2009

What are 30-year fixed, 15-year fixed, and 5/1 adjustable rate mortgages?

30-year and 15-year fixed mortgages are loans collateralized by homes that charge a fixed interest rate for their entire term (30 years or 15 years). They are structured so that borrowers pay the same monthly installment throughout the term of the mortage and at the end of the term the borrower fully owns their home. Monthly installments include interest payments and principal payments.

5/1 ARMs are adjustable rate mortgages that allow the borrower to pay a fixed interest rate for the first 5 years and then the interest rate on the mortage is reset every 1 year. The terms of these mortgages are usually 30 or 15 years.

What are conforming loans?

Conforming loans are those that qualify to be bought and securitized in structures that carry a Federal guarantee. The requirements for a loan to be deemed conforming are set by the Federal Housing Financing Agency (FHFA). The latest conforming loan requirements can be found here.

Sources

Freddie Mac, 5/1-Year Adjustable Rate Mortgage Average in the United States [MORTGAGE5US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE5US, December 1st, 2022.

Freddie Mac, 15-Year Fixed Rate Mortgage Average in the United States [MORTGAGE15US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE15US, December 1st, 2022.

Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, December 1st, 2022.

Other resources

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