Mortgage Rate, over time
What was happening
1Subprime mortgage crisis spreadsAug 2007
Losses on subprime mortgages begin to freeze credit markets as the housing downturn deepens. Source: Federal Reserve History ↗
2Great RecessionDec 2007–Jun 2009
An 18-month recession by NBER dates, the longest since World War II, following the collapse of the housing market and a financial crisis. Source: National Bureau of Economic Research ↗
3Fed cuts rates to near zeroDec 16, 2008
The Federal Reserve lowers its policy rate to 0–0.25%, where it stays until December 2015. Source: Federal Reserve Board ↗
4Fed cuts rates to near zeroMar 15, 2020
The Federal Reserve lowers its policy rate to 0–0.25% and begins large bond purchases. Source: Federal Reserve Board ↗
5Fed begins raising ratesMar 16, 2022
The first of 11 rate increases through July 2023, aimed at inflation, which peaks at 9.1% in June 2022. Source: Federal Reserve Board ↗
Freddie Mac · Primary Mortgage Market Survey (PMMS), 30-year fixed · Weekly, shown as monthly averages · Original source