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30-year fixed averaged 4.17% — rising rates
4.17%
Annual avg rate
30-yr fixed
+0.19pp
vs 2013
Year-over-year
0.09%
Fed funds rate
Annual avg
+1.62%
CPI inflation
Year-over-year
Estimated monthly rates based on annual averages and adjacent-year interpolation. Seasonal pattern reflects typical mortgage market spring/summer premium.
The Federal Reserve maintained a federal funds rate averaging 0.09% during 2014. The Fed held near-zero interest rates to support economic recovery.
Consumer price inflation was 1.62% in 2014. Inflation was within or near the Federal Reserve's long-run target range.
With historically low mortgage rates averaging 4.17%, housing affordability was near the best levels in decades. Rising rates dampened refinancing and put pressure on housing demand.
$1,462/mo
At 2014 rate (4.17%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$502/mo
2014 was cheaper
vs today on same loan