15 & 30-Year Mortgage Rates: Impending Doom or Minor Inconvenience

January 3, 2019


Houses are a big monetary decision. Knowing how good we have it now compared to historical mortgage rates promotes a healthy home buying perspective.

With the conflicting reports on the rise of mortgage rates I decided to ask an expert and share these answers with you. I went directly to Pete Green, Branch Manager, Atlantic Bay Mortgage NMLS 173121, and asked Pete to help my readers wade through the myths and facts about what’s happening with 15 and 30-year mortgage rates. Here’s what Pete had to say when I asked him what prospective home buyers in Delaware should know about the rates.

You may have heard or read from financial news agencies how mortgage rates are on the rise and these rates are at their worst. Friends may say their mortgage rates 10 years ago were better than they are now and it’s better to rent until the market calms down. The facts are neither of these statements are accurate. Let’s dive into the history of rates to get a better perspective on what is really going on with rates.

Know Your History

Freddie Mac has recorded both 30- and 15-year mortgages for several years. For 30-year mortgages, the data goes back to 1971 whereas 15-year mortgages started in 1991.

historical mortgage rates chart
1Data provided by Freddie Mac via

This chart shows the volatility of rates from 1971 through the credit crisis in 2008 and brings us current to today. For 30-year mortgages, the highest recorded annual average happened in 1981 at 16.63%. For 15-year mortgages, the worst year was actually the year...

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