After a period of gradual decline, the average annual rate on a 30-year fixed-rate mortgage in the United States rose to 6.81 percent in 2023, up from the record-low 2.96 percent in 2021. The rate for 15-year fixed mortgages and five-year ARM mortgages followed a similar trend. This was a result of the Federal Reserve increasing the bank rate - a measure introduced to tackle the rising inflation. U.S. home prices going through the roof Mortgage rates have a strong impact on the market – the lower the rate, the lower the loan repayment. The rate on a 30-year fixed-rate mortgage decreasing after the Great Recession has stimulated the market and boosted home sales. 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 surged in 2021, while the median weekly earnings of a full-time employee maintained a more moderate increase. 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.

Graph and download economic data for 15-Year Fixed Rate Mortgage Average in the United States (MORTGAGE15US) from 1991-08-30 to 2025-03-20 about 15-year, fixed, mortgage, interest rate, interest, rate, and USA.

30 Year Mortgage Rate in the United States increased to 6.67 percent in March 20 from 6.65 percent in the previous week. This dataset includes a chart with historical data for the United States 30 Year Mortgage Rate.

Mortgage interest rates worldwide varied greatly in 2024, from less than four percent in many European countries, to as high as 44 percent in Turkey. The average mortgage rate in a country depends on the central bank's base lending rate and macroeconomic indicators such as inflation and forecast economic growth. Since 2022, inflationary pressures have led to rapid increase in mortgage interest rates. Which are the leading mortgage markets? An easy way to estimate the importance of the mortgage sector in each country is by comparing household debt depth, or the ratio of the debt held by households compared to the county's GDP. In 2023, Switzerland, Australia, and Canada had some of the highest household debt to GDP ratios worldwide. While this indicator shows the size of the sector relative to the country’s economy, the value of mortgages outstanding allows to compare the market size in different countries. In Europe, for instance, the United Kingdom, Germany, and France were the largest mortgage markets by outstanding mortgage lending. Mortgage lending trends in the U.S. In the United States, new mortgage lending soared in 2021. This was largely due to the growth of new refinance loans that allow homeowners to renegotiate their mortgage terms and replace their existing loan with a more favorable one. Following the rise in interest rates, the mortgage market cooled, and refinance loans declined.

Mortgage interest rates in Europe soared in 2022 and remained elevated in 2023. In many countries, this resulted in interest rates more than doubling. In Denmark, the average mortgage interest rate rose from 0.67 percent in 2021 to 4.98 percent in 2023. Why did mortgage interest rates increase? Mortgage rates have risen as a result of the European Central Bank (ECB) interest rate increase. The ECB increased its interest rates to tackle inflation. As inflation calms, the ECB is expected to cut rates, which will allow mortgage lenders to reduce mortgage interest rates. What is the impact of interest rates on homebuying? Lower interest rates make taking out a housing loan more affordable, and thus, encourage homebuying. That can be seen in many countries across Europe: In France, the number of residential properties sold rose in the years leading up to 2021, and fell as interest rates increased. The number of houses sold in the UK followed a similar trend.

Fixed 30-year mortgage rates in the United States averaged 6.71 percent in the week ending March 21 of 2025. This dataset provides the latest reported value for - United States MBA 30-Yr Mortgage Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Long term dataset showing the 30 year fixed rate mortgage average in the United States since 1971.

Graph and download economic data for 30-Year Fixed Rate FHA Mortgage Index (OBMMIFHA30YF) from 2017-01-03 to 2025-03-24 about FHA, 30-year, fixed, mortgage, rate, indexes, and USA.

Mortgage rates increased at a record pace in 2022, with the 10-year fixed mortgage rate doubling between March 2022 and December 2022. With inflation increasing, the Bank of England introduced several bank rate hikes, resulting in higher mortgage rates. In September 2023, the average 10-year fixed rate interest rate reached 5.1 percent. As borrowing costs get higher, demand for housing is expected to decrease, leading to declining market sentiment and slower house price growth. How have the mortgage hikes affected the market? After surging in 2021, the number of residential properties sold declined in 2022, reaching close to 1.3 million. Despite the number of transactions falling, this figure was higher than the period before the COVID-10 pandemic. The falling transaction volume also impacted mortgage borrowing. Between the first quarter of 2023 and the first quarter of 2024, the value of new mortgage loans fell year-on-year for fourth straight quarters in a row. How are higher mortgages affecting homebuyers? Homeowners with a mortgage loan usually lock in a fixed rate deal for two to ten years, meaning that after this period runs out, they need to renegotiate the terms of the loan. Many of the mortgages outstanding were taken out during the period of record-low mortgage rates and have since faced notable increases in their monthly repayment. About five million homeowners are projected to see their deal expire by the end of 2026. About two million of these loans are projected to experience a monthly payment increase of up to 199 British pounds by 2026.

15-Year Fixed Rate Mortgage Average in the United States was 5.83% in March of 2025, according to the United States Federal Reserve. Historically, 15-Year Fixed Rate Mortgage Average in the United States reached a record high of 8.89 in December of 1994 and a record low of 2.10 in July of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for 15-Year Fixed Rate Mortgage Average in the United States - last updated from the United States Federal Reserve on March of 2025.

The mortgage credit interest rate is the average interest rate on mortgage loan products offered to individuals and households by the commercial banks in the country. The mortgage credit is a loan used to finance the purchase of real estate. The table shows the latest available data from the national authorities as well as the values from three months ago and one year ago. The data are updated continuously.

Mortgage rates in the Netherlands increased sharply in 2022 and 2023, after declining gradually between 2008 and 2021. In December 2022, the average interest rate for new mortgage loans stood at 1.65 percent, and by the end of 2023, it had risen to 4.13 percent. The 10-year interest rate was the lowest, at 2.96 percent; the floating and less than one-year interest rates amounted to 5.13 and 4.62 percent, respectively. In early 2024, mortgage rates decreased notably. Are mortgage rates in the Netherlands different from those in other European countries? When comparing this ranking to data that covers multiple European countries, the Netherlands’ mortgage rate was similar to the rates found in Spain, the United Kingdom, and Sweden. It was, however, a lot lower than the rates in Eastern Europe. Hungary and Romania, for example, had some of the highest mortgage rates. For more information on the European mortgage market and how much the countries differ from each other, please visit this dedicated research page. How big is the mortgage market in the Netherlands? The Netherlands has overall seen an increase in the number of mortgage loans sold and is regarded as one of the countries with the highest mortgage debt in Europe. The reason behind this is that Dutch homeowners were able to for many years to deduct interest paid from pre-tax income (a system known in the Netherlands as hypotheekrenteaftrek). Total mortgage debt of Dutch households has been increasing year-on-year since 2013.

Mortgage Rate in Sweden decreased to 3.23 percent in January from 3.31 percent in December of 2024. This dataset includes a chart with historical data for Sweden Average Interest Rate on New Agreements for Mortgages to Households.

Graph and download economic data for 30-Year Fixed Rate Jumbo Mortgage Index (OBMMIJUMBO30YF) from 2017-01-03 to 2025-03-25 about jumbo, 30-year, fixed, mortgage, rate, indexes, and USA.

The benchmark interest rate in Sweden was last recorded at 2.25 percent. This dataset provides the latest reported value for - Sweden Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for 30-Year Fixed Rate Veterans Affairs Mortgage Index (OBMMIVA30YF) from 2017-01-03 to 2025-03-25 about veterans, 30-year, fixed, mortgage, rate, indexes, and USA.

After a period of record-low mortgage interest rates, the cost of mortgage borrowing in Germany surged in 2022. In 2019, mortgage rates declined notably, falling as low as 1.16 percent in December 2020. This downward trend reversed in 2021, as mortgage rates started to gradually pick up. Five-to-ten-year mortgage loans had the lowest rates in October 2023 at 3.85 percent, while floating rate mortgages up to one year were the most expensive at 5.53 percent. Mortgages with over 10-year fixed period – the most popular loan type among homebuyers - had an interest rate of 3.9 percent.

Why did mortgage rates in Germany increase?

In 2022, the yearly inflation rate in Germany experienced a swift rise, prompting the central bank to raise interest rates to counter this surge. The European Central Bank (ECB) is responsible for determining Germany's central bank interest rate. In July 2022, following a prolonged period of stability, the average interest rates in Germany began a steady rise, which persisted consistently thereafter.  This increase is intended to stabilize prices, but it also means higher borrowing costs for those seeking mortgages.

Downturn in Germany's home loan borrowing

From 2022 onward, the gross residential mortgage lending in Germany fell dramatically. Besides the higher interest rates, the downturn can be explained by the slowed pace of economic growth, which makes individuals and businesses more cautious about big investments such as buying a home. Additionally, the German housing market suffers a chronic undersupply, meaning that homebuyers often struggle to find an affordable home to purchase.

United States Mortgage Fixed Rate: Mth Avg: 15 Year data was reported at 4.250 % pa in Oct 2018. This records an increase from the previous number of 4.080 % pa for Sep 2018. United States Mortgage Fixed Rate: Mth Avg: 15 Year data is updated monthly, averaging 5.680 % pa from Sep 1991 (Median) to Oct 2018, with 326 observations. The data reached an all-time high of 8.800 % pa in Jan 1995 and a record low of 2.660 % pa in Apr 2013. United States Mortgage Fixed Rate: Mth Avg: 15 Year data remains active status in CEIC and is reported by Federal Home Loan Mortgage Corporation, Freddie Mac. The data is categorized under Global Database’s United States – Table US.M012: Mortgage Interest Rate.

The benchmark interest rate in China was last recorded at 3.10 percent. This dataset provides the latest reported value for - China Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Mortgage originations in the United States plummeted in 2021 and 2022, after soaring to an all-time high in the previous two years. By the third quarter of 2023, the value of new mortgage originations amounted to 444 billion U.S. dollars, about a third of the value recorded during the market peak in the fourth quarter of 2020. These fluctuations were mostly because of the development of mortgage interest rates and mortgage lending for home refinance: While interest rates were at a record low in 2020, many homebuyers used the opportunity to refinance their loan. After rates increased, refinancing declined dramatically. How have home sales developed? Over the past decade, the annual number of homes sold in the U.S. ranged between 4.7 million and 6.9 million, with the number of sales of existing homes far outweighing that of newly built homes sold. Housing transactions have generally declined since 2021 because of the less favorable credit conditions and worsening housing affordability. Cash purchases on the rise Although buying in cash is largely uncommon in the U.S., the number of houses bought with cash has increased since 2009. For those who can afford it, a cash purchase provides a number of benefits. Most importantly, cash buyers save from mortgage payments. Additionally, the closing time on these transactions time faster, which gives a competitive advantage in markets with a lot of competition.