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Marginal vs. Average Mortgage Rates
Since early 2022, the Federal Open Market Committee has increased the target range for the federal funds rate from 0%-0.25% to 5%-5.25%. The higher fed funds rate has driven up interest rates on financial instruments (e.g., Treasury bonds, certificates of deposit and corporate bonds) and loans. Perhaps most notably for everyday households, the 30-year fixed-rate mortgage rose above 6% for the first time since the Great Recession. During the pandemic, many households sought to upgrade their living situations, leading to high demand for housing, and thus demand for mortgages.
The 30-year fixed-rate mortgage is by far the most popular in the U.S.―70% of mortgages are 30-year fixed rate. The 15-year fixed-rate mortgage is the second-most popular with 10%. The remaining 20% is made up of various adjustable-rate mortgages and some shorter-term fixed-rate mortgages. For the remainder of this blog post, we will focus on the 30-year fixed-rate mortgage.
The 30-year fixed-rate mortgage is by far the most popular in the U.S.―70% of mortgages are 30-year fixed rate. The 15-year fixed-rate mortgage is the second-most popular with 10%. The remaining 20% is made up of various adjustable-rate mortgages and some shorter-term fixed-rate mortgages. For the remainder of this blog post, we will focus on the 30-year fixed-rate mortgage.
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