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 March 23rd, 2023:
- 30-year Fixed Rate Mortgages: 6.42%
- 15-year Fixed Rate Mortgages: 5.68%
Average US Mortgage Rates Since 2009
What are 30-year fixed and 15-year fixed 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.
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, 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, March 23rd, 2023.
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, March 23rd, 2023.