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30-year fixed averaged 3.85% — falling rates
3.85%
Annual avg rate
30-yr fixed
-0.32pp
vs 2014
Year-over-year
0.13%
Fed funds rate
Annual avg
+0.12%
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 0.13% during 2015. The Fed held near-zero interest rates to support economic recovery.
Consumer price inflation was 0.12% in 2015. Low inflation gave policymakers room to maintain accommodative conditions.
With historically low mortgage rates averaging 3.85%, housing affordability was near the best levels in decades. Declining rates spurred refinancing activity and supported home purchases.
$1,406/mo
At 2015 rate (3.85%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$557/mo
2015 was cheaper
vs today on same loan