Freddie Mac PMMS Historical Mortgage Rates: 30-Year Fixed Average by Year (1972–2024)
Year-by-year national average 30-year fixed mortgage rate from Freddie Mac's Primary Mortgage Market Survey (PMMS), with the all-time weekly high and low and the 2022 survey methodology change noted.
Freddie Mac's Primary Mortgage Market Survey (PMMS) is the benchmark most lenders, journalists, and economists cite when they talk about "the" US mortgage rate. It has run continuously since 1971 and measures the typical rate on a conforming 30-year fixed mortgage for borrowers with good credit and a 20% down payment. Below is the full record of calendar-year averages for the 30-year fixed rate, drawn from Freddie Mac PMMS data.
These are historical facts you can verify against the primary source — not forecasts, and not a quote for your own loan.
30-Year Fixed Mortgage Rate, Average by Year (Freddie Mac PMMS)
| Year | Avg 30-Yr Fixed | Year | Avg 30-Yr Fixed | |------|----------------|------|----------------| | 1972 | 7.38% | 1999 | 7.44% | | 1973 | 8.04% | 2000 | 8.05% | | 1974 | 9.19% | 2001 | 6.97% | | 1975 | 9.05% | 2002 | 6.54% | | 1976 | 8.87% | 2003 | 5.83% | | 1977 | 8.85% | 2004 | 5.84% | | 1978 | 9.64% | 2005 | 5.87% | | 1979 | 11.20% | 2006 | 6.41% | | 1980 | 13.74% | 2007 | 6.34% | | 1981 | 16.63% | 2008 | 6.03% | | 1982 | 16.04% | 2009 | 5.04% | | 1983 | 13.24% | 2010 | 4.69% | | 1984 | 13.88% | 2011 | 4.45% | | 1985 | 12.43% | 2012 | 3.66% | | 1986 | 10.19% | 2013 | 3.98% | | 1987 | 10.21% | 2014 | 4.17% | | 1988 | 10.34% | 2015 | 3.85% | | 1989 | 10.32% | 2016 | 3.65% | | 1990 | 10.13% | 2017 | 3.99% | | 1991 | 9.25% | 2018 | 4.54% | | 1992 | 8.39% | 2019 | 3.94% | | 1993 | 7.31% | 2020 | 3.11% | | 1994 | 8.38% | 2021 | 2.96% | | 1995 | 7.93% | 2022 | 5.34% | | 1996 | 7.81% | 2023 | 6.81% | | 1997 | 7.60% | 2024 | 6.72% | | 1998 | 6.94% | 2025 | ~6.6%* |
*2025 is a full calendar-year figure that varies slightly by data source (Freddie Mac PMMS reports roughly 6.6%); always confirm the latest weekly reading on Freddie Mac's PMMS page. Source for all rows: Freddie Mac, Primary Mortgage Market Survey, 30-Year Fixed Rate Historic Tables (freddiemac.com/pmms). The survey began in 1971; 1971's partial-year average was about 7.54%.
The Record Highs and Lows
- Weekly all-time high: 18.63% on October 9, 1981.
- Weekly all-time low: 2.65% on January 7, 2021.
- Highest calendar-year average: 16.63% (1981).
- Lowest calendar-year average: 2.96% (2021).
The 2021 low came during the pandemic-era period when the Federal Reserve pushed short-term rates to near zero and bought mortgage-backed securities in volume. The 1981 high came during the Federal Reserve's campaign to break double-digit inflation under Chair Paul Volcker.
What the Last 15 Years Show
The recent stretch is the part most relevant to today's borrowers:
| Year | Avg 30-Yr Fixed | |------|----------------| | 2010 | 4.69% | | 2015 | 3.85% | | 2020 | 3.11% | | 2021 | 2.96% | | 2022 | 5.34% | | 2023 | 6.81% | | 2024 | 6.72% |
After sitting below 3% in 2020–2021, the 30-year average more than doubled as the Fed raised short-term rates to fight inflation, then eased only modestly through 2023–2024. Averaging completed years 1972–2024 gives a long-run mean near 7.7%, which is a useful reality check: the sub-3% rates of 2020–2021 were the exception, not the norm.
A Methodology Note (Why 2022 Is a Break Point)
On November 17, 2022, Freddie Mac changed how PMMS is collected — moving from a survey of lender representatives to mortgage application data submitted through its Loan Product Advisor platform. Freddie Mac states the change had only a small impact on historical results, but it is a genuine break in the series. When you compare a 2023–2024 average with a 2019 or 2012 average, you are comparing two slightly different measurement methods. For year-over-year moves within 2023 onward, the method is consistent.
How to Use This Data
- For context, not quotes. Use these averages to understand where today's rate sits historically. To see what a specific rate does to your payment, open the calculator and enter your quoted rate.
- For planning. If you are deciding whether to wait or lock, the historical range shows how unusual the ultra-low 2020–2021 period was and how a 6–7% average is closer to the long-run norm.
- For verification. Always check the current weekly PMMS reading on Freddie Mac's site before treating any number as "today's rate."
Source list
- Freddie Mac — Primary Mortgage Market Survey (PMMS), 30-Year Fixed Rate Historic Tables: https://www.freddiemac.com/pmms
- Freddie Mac research note on the November 2022 PMMS methodology change: https://www.freddiemac.com/research/insight/20221103-freddie-macs-newly-enhanced-mortgage-rate-survey
- Federal Reserve Economic Data (FRED), 30-year mortgage rate series (MORTGAGE30US): https://fred.stlouisfed.org/series/MORTGAGE30US
Frequently Asked Questions
What is Freddie Mac's PMMS?+
The Primary Mortgage Market Survey (PMMS) is a weekly survey published by Freddie Mac that has measured the typical US mortgage rate since 1971. It is the most widely cited national benchmark for 30-year and 15-year fixed-rate mortgages and is used by lenders, news outlets, and policymakers.
Are these annual averages the rate I will be quoted?+
No. The figures below are calendar-year averages for a conforming 30-year fixed mortgage to borrowers with strong credit and a 20% down payment. Your personal rate depends on your credit score, loan-to-value ratio, loan size, occupancy, and the specific lender, so it will land above or below the national average.
What was the highest and lowest 30-year fixed rate on record?+
On a weekly basis, the 30-year fixed peaked at 18.63% on October 9, 1981 and hit an all-time low of 2.65% on January 7, 2021, according to Freddie Mac PMMS. The highest and lowest calendar-year averages were 16.63% (1981) and 2.96% (2021) respectively.
Did the PMMS change how it collects rates?+
Yes. On November 17, 2022, Freddie Mac changed the PMMS methodology from a lender phone survey to mortgage application data submitted through its Loan Product Advisor system. Freddie Mac estimates the change had only a small effect on historical results, but it is a real break point when comparing recent years with earlier periods.
Where do I find the latest weekly rate?+
Freddie Mac publishes the current weekly national average every Thursday on its PMMS page (freddiemac.com/pmms). Because the weekly reading moves with the bond market, treat any single number as a snapshot, not a quote for your loan.
Run the Numbers Yourself
Reading is the first step. The next is plugging your own numbers into a calculator that runs the same US-standard formulas in real time — no signup, no paywall, instant results.
Test a rate in the calculator→Key Takeaways
Use the calculator linked above to confirm how these concepts apply to your specific loan amount, rate, and term. Small changes in any one input can shift your monthly payment and total interest by thousands of dollars over the life of the loan.