Here is the average mortgage interest rates in the United States by year in the past:

Year/30-year fixed-rate mortgage

1971 7.54%

1972 7.73%

1973 8.21%

1974 10.07%

1975 9.99%

1976 8.49%

1977 8.78%

1978 10.21%

1979 13.24%

1980 18.75%

1981 18.45%

1982 12.74%

1983 10.09%

1984 10.15%

1985 9.87%

1986 9.47%

1987 9.38%

1988 10.46%

1989 10.71%

1990 10.71%

1991 8.96%

1992 7.21%

1993 6.64%

1994 8.21%

1995 8.91%

1996 8.48%

1997 8.21%

1998 7.73%

1999 7.46%

2000 8.18%

2001 8.63%

2002 6.24%

2003 5.87%

2004 6.50%

2005 6.94%

2006 6.74%

2007 6.64%

2008 5.25%

2009 4.50%

2010 4.25%

2011 4.00%

2012 3.75%

2013 4.00%

2014 4.25%

2015 4.00%

2016 4.00%

2017 4.50%

2018 4.75%

2019 4.50%

2020 2.75%

2021 2.99%

2022 5.25%

2023 6.94%

As you can see, mortgage interest rates have fluctuated significantly over the years. They have been as low as 2.75% in 2020 and as high as 18.75% in 1980. The Federal Reserve uses interest rates to try to achieve a number of goals, including price stability, full employment, and economic growth