Duke Warner Realty

Today’s Mortage Rates versus Historically Average Rates

Mortgages have been around for centuries, but the interest rates and terms have varied greatly over time. In this post, we will take a look at the historically average mortgages and compare them to today’s mortgage rates.

Historically Average Mortgages

In the early 1900s, mortgages were typically short-term loans with high interest rates. The average mortgage rate in the 1920s was around 7%, and it wasn’t until the 1940s that the government began to get involved in the mortgage industry to make homeownership more accessible. By the 1950s, the average mortgage rate had dropped to around 4%, and the government-backed Federal Housing Administration (FHA) began offering longer-term loans with lower down payment requirements. The 1960s saw a rise in interest rates, with the average mortgage rate reaching 7.5% by the end of the decade. The 1970s and 1980s were marked by high inflation and interest rates, with mortgage rates reaching double digits. By the 1990s, the average mortgage rate had dropped back down to around 8%.

Today’s Mortgage Rates

According to nerdwallet, as of May 25th, 2023, the average APR on a 30-year fixed-rate mortgage rose 13 basis points to 7.041% [1]. However, this information may not be up-to-date anymore. It’s important to note that mortgage rates can change frequently and can vary depending on the lender, loan type, credit score, and other factors. It’s recommended to check with a lender directly to get the most accurate and up-to-date information on current mortgage rates. While today’s mortgage rates are about average for homebuyers, it’s important to remember that purchase price is a factor and that interest rates can fluctuate over time. It’s also important to consider other factors when choosing a mortgage, such as the length of the loan and the down payment requirements. With that said, as we look at the bigger picture and the ebbs and flows of financing currently we are coming in about average in mortgage rates.


Mortgage rates have varied greatly over time, from the high rates of the early 1900s to today’s historically low rates. While today’s rates are a bit higher for homebuyers than the previous few years, it’s important to remember that interest rates change over time and to carefully consider all factors when choosing a mortgage as well as property.
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