Interactive historical chart showing the 30 year fixed rate mortgage average in the United States since 1971.

Graph and download economic data for 30-Year Fixed Rate Jumbo Mortgage Index (OBMMIJUMBO30YF) from 2017-01-03 to 2025-06-23 about jumbo, 30-year, fixed, mortgage, rate, indexes, and USA.

In the United States, interest rates for all mortgage types started to increase in 2021. This was due to the Federal Reserve introducing a series of hikes in the federal funds rate to contain the rising inflation. In the fourth quarter of 2024, the 30-year fixed rate rose slightly, to **** percent. Despite the increase, the rate remained below the peak of **** percent in the same quarter a year ago. Why have U.S. home sales decreased? Cheaper mortgages normally encourage consumers to buy homes, while higher borrowing costs have the opposite effect. As interest rates increased in 2022, the number of existing homes sold plummeted. Soaring house prices over the past 10 years have further affected housing affordability. Between 2013 and 2023, the median price of an existing single-family home risen by about ** percent. On the other hand, the median weekly earnings have risen much slower. Comparing mortgage terms and rates Between 2008 and 2023, the average rate on a 15-year fixed-rate mortgage in the United States stood between **** and **** percent. Over the same period, a 30-year mortgage term averaged a fixed-rate of between **** and **** percent. Rates on 15-year loan terms are lower to encourage a quicker repayment, which helps to improve a homeowner’s equity.

This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...).

Rates have been trending downward in Canada for the last five years. The ebbs and flows are caused by changes in Canada’s bond yields (driven by Canadians economic developments and international rate movements, particularly U.S. rate fluctuations) and the overnight rate (which is set by the Bank of Canada). As of August 2022, there has been a 225 bps increase in the prime rate, since beginning of year 2022, from 2.45% to 4.70% as of Aug 24th 2022. The following are the historical conventional mortgage rates offered by the 6 major chartered banks in Canada in the past 20 years.

Graph and download economic data for 30-Year Fixed Rate FHA Mortgage Index (OBMMIFHA30YF) from 2017-01-03 to 2025-06-20 about FHA, 30-year, fixed, mortgage, rate, indexes, and USA.

Graph and download economic data for Delinquency Rate on Single-Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks (DRSFRMACBS) from Q1 1991 to Q1 2025 about domestic offices, delinquencies, 1-unit structures, mortgage, family, residential, commercial, domestic, banks, depository institutions, rate, and USA.

Evaluate Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms. Rates are based on an average mortgage of $300,000

The foreclosure rate in the United States has experienced significant fluctuations over the past two decades, reaching its peak in 2010 at 2.23 percent following the financial crisis. Since then, the rate has steadily declined, with a notable drop to 0.11 percent in 2021 due to government interventions during the COVID-19 pandemic. In 2024, the rate stood slightly higher at 0.23 percent but remained well below historical averages, indicating a relatively stable housing market. Impact of economic conditions on foreclosures The foreclosure rate is closely tied to broader economic trends and housing market conditions. During the aftermath of the 2008 financial crisis, the share of non-performing mortgage loans climbed significantly, with loans 90 to 180 days past due reaching 4.6 percent. Since then, the share of seriously delinquent loans has dropped notably, demonstrating a substantial improvement in mortgage performance. Among other things, the improved mortgage performance has to do with changes in the mortgage approval process. Homebuyers are subject to much stricter lending standards, such as higher credit score requirements. These changes ensure that borrowers can meet their payment obligations and are at a lower risk of defaulting and losing their home. Challenges for potential homebuyers Despite the low foreclosure rates, potential homebuyers face significant challenges in the current market. Homebuyer sentiment worsened substantially in 2021 and remained low across all age groups through 2024, with the 45 to 64 age group expressing the most negative outlook. Factors contributing to this sentiment include high housing costs and various financial obligations. For instance, in 2023, 52 percent of non-homeowners reported that student loan expenses hindered their ability to save for a down payment.

Car loan interest rates in the United States decreased since mid-2024. Thus, the period of rapidly rising interest rates, when they increased from 3.85 percent in December 2021 to 7.91 percent in February 2024, has come to an end. The Federal Reserve interest rate is one of the main causes of the interest rates of loans rising or falling. If inflation stays under control, the Federal Reserve will start cutting the interest rates, which would have the effect of the cost of car loans falling too. How many cars have financing in the United States? Car financing exists because not everyone who wants or needs a car can purchase it outright. A financial institution will then lend the money to the customer for purchasing the car, which must then be repaid with interest. Most new vehicles in the United States in 2024 were purchased using car loans. It is not as common to use car loans for purchasing used vehicles as for new ones, although over a third of used vehicles were purchased using loans. The car industry in the United States The car financing business is huge in the United States, due to the high sales of both new and used vehicles in the country. A lot of the United States is very car-centric, which means that, outside large cities, it can often be difficult to do their daily commutes through other transportation methods. In fact, only a small percentage of U.S. workers used public transport to go to work. That is one of the factors that has helped establish the importance of the automotive sector in North America. Nevertheless, there are still countries in Asia-Pacific, Africa, the Middle East, and Europe with higher car-ownership rates than the United States.

The number of U.S. home sales in the United States declined in 2024, after soaring in 2021. A total of four million transactions of existing homes, including single-family, condo, and co-ops, were completed in 2024, down from 6.12 million in 2021. According to the forecast, the housing market is forecast to head for recovery in 2025, despite transaction volumes expected to remain below the long-term average. Why have home sales declined? The housing boom during the coronavirus pandemic has demonstrated that being a homeowner is still an integral part of the American dream. Nevertheless, sentiment declined in the second half of 2022 and Americans across all generations agreed that the time was not right to buy a home. A combination of factors has led to house prices rocketing and making homeownership unaffordable for the average buyer. A survey among owners and renters found that the high home prices and unfavorable economic conditions were the two main barriers to making a home purchase. People who would like to purchase their own home need to save up a deposit, have a good credit score, and a steady and sufficient income to be approved for a mortgage. In 2022, mortgage rates experienced the most aggressive increase in history, making the total cost of homeownership substantially higher. Are U.S. home prices expected to fall? The median sales price of existing homes stood at 413,000 U.S. dollars in 2024 and was forecast to increase slightly until 2026. The development of the S&P/Case Shiller U.S. National Home Price Index shows that home prices experienced seven consecutive months of decline between June 2022 and January 2023, but this trend reversed in the following months. Despite mild fluctuations throughout the year, home prices in many metros are forecast to continue to grow, albeit at a much slower rate.

Created for the 2023-2025 State of Black Los Angeles County (SBLA) interactive report. To learn more about this effort, please visit the report home page at https://ceo.lacounty.gov/ardi/sbla/. For more information about the purpose of this data, please contact CEO-ARDI. For more information about the configuration of this data, please contact ISD-Enterprise GIS. Table Name Indicator Name Universe Timeframe Source Race Notes Source URL

homeownership_pct % Homeownership Occupied Housing Units 2016-2020 American Community Survey - Table B25003B-I Race alone; White is Non-Hispanic White https://data.census.gov/cedsci/table?g=0500000US06037&tid=ACSDT5Y2020.B25003

renters_pct % Renters Occupied Housing Units 2016-2020 American Community Survey - Table B25003B-I Race alone; White is Non-Hispanic White https://data.census.gov/cedsci/table?g=0500000US06037&tid=ACSDT5Y2020.B25003

mean_home_value Mean Home Value Households 2021 Public Use Microdata Sample (PUMS) All races are Non-Hispanic LA County eGIS-Demography

accepted_mortgage_pct Accepted Mortgate Rate Mortgage Applications 2021 Home Mortgage Disclosure Act HMDA categories - https://files.consumerfinance.gov/f/documents/cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart-2019.pdf https://ffiec.cfpb.gov/data-browser/data/2021

rent_burden_pct Rent Burdened Renter Households 2019 California Housing Partnership All races are Non-Hispanic https://chpc.net/housingneeds/?view=37.405074,-119.26758,5&county=California,Los+Angeles&group=housingneed&chart=shortfall|current,cost-burden|current,cost-burden-re|current,homelessness,historical-rents,vacancy,asking-rents|2022,budgets|2021,funding|current,state-funding,lihtc|2010:2021:historical,rhna-progress,multifamily-production

rent_burden_severe_pct Severely Rent Burdened Renter Households 2019 California Housing Partnership All races are Non-Hispanic https://chpc.net/housingneeds/?view=37.405074,-119.26758,5&county=California,Los+Angeles&group=housingneed&chart=shortfall|current,cost-burden|current,cost-burden-re|current,homelessness,historical-rents,vacancy,asking-rents|2022,budgets|2021,funding|current,state-funding,lihtc|2010:2021:historical,rhna-progress,multifamily-production

eviction_per_100_hh Eviction Rate Renter Households 2014-2017 The Eviction Lab at Princeton University

https://data-downloads.evictionlab.org/#data-for-analysis/

homeless_count Homeless Count Population excluding Long Beach, Glendale, and Pasadena 2022 LAHSA

https://www.lahsa.org/documents?id=6545-2022-greater-los-angeles-homeless-count-deck

homeless_homeless_pct % Homeless Population Population excluding Long Beach, Glendale, and Pasadena 2022 LAHSA

https://www.lahsa.org/documents?id=6545-2022-greater-los-angeles-homeless-count-deck

homeless_county_pct % County Population Population excluding Long Beach, Glendale, and Pasadena 2022 LAHSA

https://www.lahsa.org/documents?id=6545-2022-greater-los-angeles-homeless-count-deck

unable_pay_mortgage_rent% Delayed or Were Unable to Pay Mortgage or Rent in the past 2 Years Households 2018 LAC Health Survey https://www.publichealth.lacounty.gov/ha/HA_DATA_TRENDS.htm

homeless_ever% Who Reported Ever Being Homeless or Not Having Their Own Place to Live or Sleep in the past Five Years Adults 2018 LAC Health Survey https://www.publichealth.lacounty.gov/ha/HA_DATA_TRENDS.htm

The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting *** U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded ******* U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly ** percent year-on-year, and in 2022, the increase was even higher, at close to ** percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under ***** percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.