A Historical Look at Mortgage Rates

January 18, 2023 by Bruce

Right now, you can still get mortgage rates as low as 5% for a 30-year fixed Jumbo ($675k+) mortgage. From a historical perspective, that is by no means high; even though it is significantly higher than there were a year ago.

Here is a look at the history of mortgage rates going back 40 years, where the average rate was actually nearly 8%.

Rates appear to have peaked in October of 2022 and have dropped since then.

See the historical rates by year in graph and then chart form below.

About Bruce

Hello, I’m Bruce. I work with Terrace Sotheby's in the Forest Hills area and give client-focused, data-driven real estate services to discerning and busy clients in Queens.

I have run client-focused planning teams for several years where I built a reputation for delivering on the objectives, getting the details right and always following through.

Probably the best praise I got from a business client was an EVP I who told me, “when really I want to get something done, I call you. And you always give me the full story and point me in the right direction”. Understanding people’s needs and finding the right match is what I do, and what I enjoy.

If you are looking for a realtor who is looking out for your interests and who will work to achieve the best results for you, I’d love to help.

When I’m not helping my clients, I likely will be playing tennis at the West Side Tennis Club or working with the team there as the President of the Club. I have also been an active volunteer at the Forest Hills Garden Foundation and rode a reindeer-driven sled as Santa in Forest Hills on Christmas Eve in Forest Hills for several years.