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30-year fixed averaged 4.54% — rising rates
4.54%
Annual avg rate
30-yr fixed
+0.55pp
vs 2017
Year-over-year
1.83%
Fed funds rate
Annual avg
+2.44%
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 1.83% during 2018. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 2.44% in 2018. Inflation was within or near the Federal Reserve's long-run target range.
With historically low mortgage rates averaging 4.54%, housing affordability was near the best levels in decades. Rising rates dampened refinancing and put pressure on housing demand.
$1,527/mo
At 2018 rate (4.54%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$437/mo
2018 was cheaper
vs today on same loan