Phoenix Historical Mortgage Rates: 15 and 30 Year Fixed
February 07, 2019
- Mortgage rates are still hovering around record lows for the average 15 and 30 year conventional fixed rate loan. While there was an increase from the low in 2016 of 3.85 percent, the average rate of growth is still manageable for the American homebuyer.
- The average US home price increases slowed in 2018 but the rate of growth is continuing to slow considerably compared to historical rates annually, to give some affordability and relief to home buyers.
- The forecast of mortgage rates in 2019 is initially expected to rise at least three times over the course of the year. However, with the government shutdown in early 2019 effecting these anticipated rate hikes, forecasters are predicting only 2 hikes and less percentage increasing as before.
- Mortgage rates rose almost a full percentage point over 2018. While mortgage rates are not the only rates expected to increase auto and credit card rates are also expected to increase slightly in 2019.
Source: JLL Research, FreddieMac