When was the last time mortgage rates were below 3?

2016 – An all–time low Mortgage rates had dropped lower in 2012, when one week in November averaged 3.31\%.

Why did the mortgage rate drop?

The average 30-year fixed mortgage rate was 3.96\% this time two years ago, before the pandemic took hold of the economy. Just one year later, in November 2020, rates dropped to 3.12\%. This significant drop in rates can be largely associated with the outbreak of the COVID-19 pandemic and its effect on the economy.

When was the all time low mortgage rate?

The mortgage rates trend continued to decline until rates dropped to 3.31\% in November 2012 — the lowest level in the history of mortgage rates.

What were mortgage rates in January 2021?

Mortgage Rate History from the Past 12 Months

Date	Average 30-year fixed	Average 15-year fixed
Jan. 22, 2021	2.882\%	2.3615\%
Jan. 15, 2021	2.9014\%	2.3873\%
Jan. 8, 2021	2.8892\%	2.3371\%
Jan. 1, 2021	2.8836\%	2.3752\%

What was the lowest 15 year mortgage interest rate in history?

The lowest average annual mortgage rate on 15-year fixed mortgages since 1991 was 2.66\%. This occurred in both late 2012 and in April 2013. As of 2020, the average 15-year fixed mortgage rate has dropped even further to 2.61\%.

What will interest rates be in 2026?

Future Rate Expectations

	Current	Projection (In One Year)
Bank of Canada overnight rate	0.25\%	0.50\%
Prime rate	2.45\%	2.45\%
5yr bond yield	0.79\%	1.04\%
Average 5yr fixed rate	2.07\%	2.96\% (in 2026)

What was the interest rate in 1982?

By October 1982, inflation had fallen to 5 percent and long-run interest rates began to decline. The Fed allowed the federal funds rate to fall back to 9 percent, and unemployment declined quickly from the peak of nearly 11 percent at the end to 1982 to 8 percent one year later (Federal Reserve Bank of St.